Small Business Intellectual Property

Small Business Intellectual Property

Small business intellectual property is an important aspect of a successful overall business strategy. If you own a small business, chances are that you have and use some type of intellectual property. Knowing exactly what intellectual property is and how you may use it to protect your business interests is important for the long-term health of your business.

What is intellectual property?

The first question when considering intellectual property is: what is it, exactly? In a nutshell, intellectual property is a commercially valuable product of the human intellect. To the business owner, the commercial value of certain symbols, ideas, and more often translates into four distinct legal areas: patents, copyrights, trade secrets, and trademarks.

What is intellectual property law?

This leads us to the next question, which is: what is intellectual property law? The laws surrounding intellectual property are designed to determine:

1. who owns the intellectual property, and

2. what rights go along with intellectual property ownership.

In the United States, the actual body of law that protects these economic interests includes state and federal statutes, government regulations and court decisions. The laws offer protection to the owner of the property by granting privileges to file suit against those who are violating the right to ownership. This is important for the property holder to understand, because if someone is violating the intellectual property rights of another, generally no action will be taken unless the owner of the property brings suit.

How can I use intellectual property law to protect my business?

Although registration of your intellectual property is not necessary to obtain legal protection in all instances (specifically copyright and trademark), you usually stand a much better chance of prevailing in court if you have taken the appropriate steps to legally protect yourself and your business. Registering and documenting your intellectual property properly can be a necessary component of your legal and economic strategy, because proving that you are, in fact, the legal owner of the intellectual property is a key component to prevailing in any law suit. Spending the time on the front end often will result in much less cost on the back end, because issues such litigation costs – or, possibly even worse – being forced to change your business identity due to inadequate proof -- are more costly and time-consuming.

NOTE: This article about small business intellectual property is for general informational purposes and is not legal advice. If you need legal help or assistance, consult with a qualified attorney.

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