Intellectual property is the property of your mind or proprietary knowledge and this includes an invention, a trademark, a design or the practical application of your idea. Intellectual property (IP) can be the most valuable asset in your business and it is absolutely essential that you know how to protect it properly. There are various ways to protect your property and this is known as intellectual property strategies. IP rights are an important way to encourage and reward innovation, and it is a valuable business asset that can provide a competitive advantage. The benefit of an intellectual property strategy is that it keeps you focused on what you own, what you use, how it is protected, and whether it is being exploited for your benefit. The steps you take to protect your intellectual property should always be considered whether or not it benefits your business.

One way to protect your asset is to combine registered and unregistered rights and this will improve your overall protection. You may use trade secrets and nondisclosure agreements in conjunction with proprietary rights, such as trademarks and designs. However, the process of patenting everything can be long and expensive, so you may decide that it is more beneficial to get your product to market as soon as possible to earn revenue and then you can start the process. It is important to note that patents, trademarks, designs and breeder’s rights can be registered. Registering them will go a long way in protecting your company’s assets. You can also protect your intellectual property through copyrights, circuit design rights, confidentiality and trade secrets, and domain names. A combination of all of these things may be required to adequately protect your business. You must go through the corresponding process and decide which protection plan is best suited for your company.

Once you have put together a suitable protection plan for your property, you should make sure that you review, maintain and manage it as you would any other business asset. You should be aware of the intellectual property rights that require renewal periods and fees. If you don’t stay aware of your rights, you may jeopardize the protection you’ve established and therefore put your business at a disadvantage. You should also be aware that you may need to modify your intellectual property rights as your products develop and transform, so you can be sure that you are fully protected.