Your business exists, in part, to create and own valuable intellectual property (“IP”). Here is an overview of the main types of IP that you can hold in your business.
How to protect different parts of your company’s intellectual property:
- Trademark – business name, brand name, logo
- Copyright – written content, video, audio, characters, computer code
- Patent – new physical or technology inventions, business processes
- Trade Secret – product formulas, business methods
- Other Intellectual Property – your product designs, customer lists, domain names, social media handles, etc.
A huge part of the value of your business is locked up inside the IP your business owns and controls. It’s critical to keep that IP in your business. Here’s how:
- Have founders assign IP to the business, in writing.
- Use contractor agreements that say contractors are completing “work made for hire” for you and assigning all IP to the business.
- Use employee agreements that say employees are assigning all IP to the business.
- Use intern agreements that say interns are assigning all IP to the business.
Licensing IP and “white labeling” your products can provide a key source of revenue for your business. However, you can only license out intellectual property that you actually own.
- To obtain trademark or patent protection and ownership, you have to file an application with the United States Patent and Trademark Office (PTO).
- Copyright ownership springs up automatically, but to have the upper hand in enforcing a copyright lawsuit you need to file with the U.S. Copyright Office. Put copyright notices on everything.
- Trade Secret protection only exists if you actually keep your trade secrets a secret! Create a program to make sure they stay secret.
- Other intellectual property can be protected with confidentiality agreements and licensing agreements.