When you have an innovative way of thinking that takes you on a path toward new ideations, creations, and inventions that no one has thought of before, you need to protect your intellectual property. Keep reading to learn some valuable tips on how to secure your ideas.
Place a value on your patent portfolio.
If you already have your patents licensed and registered, you may feel that there is nothing more to do at this time other than to continue working and creating. That is not the case, however, because you need to place a value on your patent portfolio. By taking this extra but necessary step you are monetizing your intellectual property.
The best way to approach valuing a patent portfolio is by working with experts in the field. Depending on the services you select, they will perform their due diligence to determine fair market value, research market comparables, and take a risk analysis approach, among other more bespoke options, depending on your needs. Once the valuation is complete, this amount will add value to your estate or business asset appraisals.
Enact security measures for added protection.
Since most, if not all, of your creative content is stored online in some capacity, it will behoove you to take added measures for increased protection. Work with a licensed IT company to assess your current systems and make any updates if necessary. Encrypting data is a key component of this effort, as is upgrading Wi-Fi-protected access. And always place copies of your intellectual property in multiple secure online or cloud server locations to avoid loss in the event of data corruption or unauthorized access.
Of course, a security system at your residence and place of business is an essential safety tool regardless of the value of your intellectual property. It is a necessary step to take in further securing your assets. Consider investing in a 24/7 monitored system for good measure. Next, assess the locks on both premises and upgrade them as appropriate.
Take proactive measures within the buildings themselves to protect your content with locking safes and filing systems. Ensure all computers and digital devices are password protected with two-factor authentication and biometric access options.
File the appropriate paperwork.
If you have viable inventions or solutions that can be brought to market, you need to take the next steps to register them. The three things you want to focus on are copyrights, trademarks, and patents. The benefit of filing and registering your intellectual property is mainly in protecting your ideas from others trying to steal and ultimately make money off of your creations.
Watch this video to gain a greater understanding of patents, trademarks, copyrights, and intellectual property.
It is always in your best interest to take actionable steps to protect your ideas and your business. You never know if someone else is racing to register their latest invention or solution. Take steps today to protect your hard work and future by securing what you have in the physical, digital, and legal world.
