The cause and effect of the internet has many far-reaching consequences, some more familiar to us than others. Information now moves at lightning speed, and sources are getting harder and harder to track. That means your ideas – your intellectual property – is at risk. Stealing ideas is rife in a world where information travels fast. In fact, when it comes to copyright, cyberspace is the modern equivalent of the wild west. It doesn’t matter whether you’re a blue chip multinational or a start-up, your ideas are what sets your business apart and represent your business investment – so you need to safeguard them.
Make Sure Trade Secrets Stay Secret
The security of your company’s intellectual property starts with you. Until such time as you’ve completed steps to secure it legally, don’t talk about your idea openly. If you do need to discuss it with another party, have them sign a nondisclosure agreement – it may seem heavy-handed, but we’re talking about the future of your business. Avoid detailing your project on any internet platforms, or take care that any discussion omits precise details. If there are other parties involved in the project, make sure they are also complying with the above, and never hesitate to seek professional legal advice on the exact terms of any agreements.
Keep Great Records
Should you find yourself trying to fight a copyright or IP infringement case, solid records could help you out a lot. So keep records containing an outline of the project, plans, drawings, correspondence and anything which proves your work. It’s vital to include dates and documentation showing the provenance of your idea.
Get Trademarked
As soon as your idea has a solid form – it could be a blueprint, a logo or some plans, don’t hesitate to register them as a trademark. Sometimes a ‘hive mind’ phenomena occurs where various macroeconomic conditions and marketplace demand lead to several companies developing very similar ideas independently. If you haven’t registered trademarks, you may lose out through no fault of your own. Registering a trademark isn’t infallible, but it does give you great grounds for a lawsuit if needed.
Register Your IP
If you have something to protect, a good IP.professional will be an invaluable support to your business. Cases of intellectual theft are notoriously hard to prove, although there have been several high profile cases in the music world of late, against stars such as Pharrell Williams, Robin Thicke and Ed Sheeran – a quick glance at RoyaltyStat.com shows how much is at stake. Work on a document outlining all the unique particulars of your idea, in as much detail as possible. This will help to distinguish your own idea from extant and future similar ones.
Avoid False Economies
As ideas are so intangible, it can be easy to fall into the trap of believing you don’t need to invest in protecting them. But before you have safeguarded your intellectual property, it’s up for grabs – anyone can take your idea and you wouldn’t be able to do anything about it. Make the investment in a legal professional who understands IP law and can help you log and document what ideas you already have that you can’t afford to lose.