Myth 10: IP is for tech companies only
Companies make the mistake of thinking that because they aren’t operating in the tech realm, they don’t have to worry about intellectual property (IP), or think that they don’t even have IP to worry about. Many incorrectly assume that IP consists of patents for inventions or software, and overlook their own intangible assets.
Every startup or business of any size has IP. A company’s IP is the product of its creativity and innovation, and those qualities aren’t limited to companies in the tech sector. Too many companies overlook their IP because they don’t recognize it as such. Even if you don’t have a patentable invention, you undoubtedly have other creative works that need to be protected.
One of the most obvious examples of IP is a company’s logo. Your logo is unique to you and identifies your business to consumers; as such, you want to make sure it’s protected to keep others from copying it in an attempt to capitalize on your brand. And you’ve probably created marketing material like slogans or taglines, all of which you can protect. And if you have a customer list or secret process that you use in your business, those qualify as trade secrets that you should restrict access to.
Many entrepreneurs are weary of a field like intellectual property if they feel they don’t know enough about it. Don’t let fears of the unknown prevent you from creating a strategy to protect your most valuable assets. Keeping your IP safe and avoiding infringement can be the difference between success and failure.