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Protecting your intellectual property

Developing a new business idea or inventing a new product can be a daunting prospect -- there is so much in the way of legal protections that many do not know where to start. Although acquiring legal protections for your intellectual property is extremely important, once you have done your research, you will see that it's not as complex as you might think.

This blog will provide a brief overview of how you can go through the process of protecting your intellectual property in the right way.

When should an idea be protected?

Make sure that you protect your business as early as possible. The earlier you take steps to protect your business, the earlier you can get the process moving. There are many different types of intellectual property and all of them require different procedures. A lawyer can help you to take out the appropriate protections.

Why do people hesitate to take out protection?

Of course taking out intellectual property protection is complex and confusing, but it also can be a cost that many new businesses are reluctant to take out. Many new business owners also feel as though their new idea is not unique or revolutionary enough to be copied -- which is a common mistake to make and often leads to lengthy legal battles further down the line.

Patenting a product or taking out another form of intellectual property protection is most often a great idea when you have a new business idea, because it is a one-off cost that will pay for itself in the protections that it offers -- keeping your business idea a unique one.

Source: Forbes, "How To Protect Your Intellectual Property The Right Way," Kathy Caprino, accessed Aug. 14, 2017

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