Business

How to Protect Your Intellectual Property

Intellectual Property
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Tips for protecting your intellectual property

Have you created an innovative software? Do you want to protect this software from imitators? If so, the intellectual property (IP) is by far your most valuable asset. However, since applying to a software patent is an expensive and time consuming process, you need to find alternatives to keep your IP safe.

Today, we will share with you some tips on how to protect your IP minus the software patent. So buckle up and take notes.

Protecting intellectual property 101

  • Keep your IP close

You need to be very careful about all and any partners you work with on your IP, both domestically and overseas. Make it a point that they have adequate security measures when they work on your IP as well. Moreover, be smart and careful about how remote teams access your IP.

  • Cover your legal bases

Before your start working with developers, make sure you have strong, legal and enforceable agreements in place. Furthermore, make sure that you encrypt your IP and that your partners also employ proper levels of encryption. This might be a costly process, however, it can save you lots of time and money in case of a breach.

  • Document all related information

One way to defend your intellectual property from getting stolen is by documenting everything about it. This includes the inception of your idea, minutes of meetings as well as the names of the invitees and the attendees. Try to use a journal with a reliable date and  time stamp as well as paper copies of sensitive information.

See Also: What lessons Should You Know BEFORE Launching Your Startup?

  • Get expert guidance

There are many ways to protect your IP including trademarks, design rights and trade secrets. This is why the earlier you reach out for expert advice on which way to go, the more you can protect your intellectual property from theft and imitation. The expert will give you tips on when and where to do it as well as the budget you will need.

  • Execute your idea asap

No matter how great your idea is, there are probably many people working on the same idea right now. For this reason, make sure that you don’t hold off execution for too long. Also, make sure that you have a good operations model and cash to support your idea and its market growth.

  • Offer the ultimate experience

Applying for a patent is your best best since trade secrets are becoming harder to protect and reverse engineering is becoming commonplace. However, if you don’t have the time and money to apply for a patent, your second best bet is offering a great customer experience.

See Also: How to Launch A Startup with No Money or Experience

  • Act fast

You need to be quick and move faster than your competition. So make sure that your technology department is agile and flexible. Also, ensure that you are always creative and unique in your offering.

  • Rely on good security measures

To begin with, make sure that all your source code is clearly labeled with a confidentiality notice. The notice should warn that any unauthorized copy or use of the code is prohibited. Also, only allow authorized people to access your code and consider using third-party digital encryption after deploying your software.

What do you do to protect your intellectual property? Do you have any tips or tricks we might have missed? Don’t hesitate to share your feedback with us here in the comment section below. 

About the author

Beirut Abu Hdaib

Can be bit of a monomaniac. My lust for word manipulation is insatiable. An often doleful #writer with a flair for #marketing & #socialmedia :)

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