IP – The Essentials
An asset is a resource with economic value that an individual, company, or government, owns or controls with the expectation that it will provide a future benefit. [1] So, from this simple definition, we know that what makes something an asset is that (1) it’s a resource, (2) it’s owned, and (3) it has economic value.
Intellectual property – just like the cash in your business bank account, buildings, vehicles, office equipment – is a business asset. Business owners take steps to protect their assets so that it continues to produce economic value for the business.
When it comes to intellectual property, it’s critical that you understand the IP you’ve created, or acquired full ownership of and the IP protection that is needed to protect that asset.
So, what are the different IP rights, and how do they work?
It should be clear by now that your IP is a business asset, and there are multiple ways to protect that asset. Keep in mind that what you create may need more than one type of IP protection.
For example, the Dropbox’s network synchronization is patented, and Dropbox, Inc. holds multiple trademark registrations for its products and services. Business owners should also be mindful that securing federal protection or using an NDA to protect trade secrets is not a one-time activity. Responsible business owners protect, monitor, and safeguard their IP continuously.
Check out our Intellectual Property page for more information on how we help you protect and maximize your business assets. You can also read more about intellectual property in Striking Business Gold, available in paperback or eBook.
Feel free to reach out to us for a consultation to get started on protecting your brand.