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10 Best Way to Protect Intellectual Property in India

10 Best Way to Protect Intellectual Property in India

Intellectual Property (IP) is an intangible asset that has a certain value. Intellectual property is basically the ideas and designs of individuals and companies to bring unique products into existence. Intellectual property is assets such as copyrights, patents, trademarks, unique concepts, and ideas. As per law, these intangible assets are granted certain legal protection just as tangible property. In simple words, it refers to ownership of one’s ideas, inventions, and literary works.

Having a unique product for your business can be a priceless asset. This is also a reason why entrepreneurs have to recognize the need for protecting their intellectual property. Here are some of the ways in which Intellectual Property can be protected.

Protection of Intellectual Property and Manage Risk in India

  1. Keep your Intellectual Property under Scrutiny: If you get your work outsourced from domestic and global partners, ensure that they employ good security for securing your IP. You must also ensure that the remote employees are accessing your IP in the desired manner.
  2. Be aware of Intellectual Property Rights: Invest some of your time in getting in in-depth knowledge on copyrights, trademarks, patents, etc to protect your business from any shocks. Formulate a strong policy to protect your IP.
  3. Consult an expert: Discuss your intellectual property issues with a certified attorney who is a pro at handling IP cases. Seek advice from a patent attorney regarding IP that is located abroad. This can save you from facing serious IP issues.
  4. Double-check if your idea is unique or not: Before moving forward, you must first do proper research to ensure that your idea is solely and uniquely yours. You must conduct a trademark search and patent search to have 100% surety that no one else has been safeguarding the same idea.
  5. Hire an auditor: You must hire an auditor for distinguishing between registered and non-registered intellectual property. Not just patents but a business must also have trademarks and copyrights.
  6. Keep a record of every related thing: To protect your Intellectual Property from theft and unwanted loss, one must record the progress made at regular intervals. Everything must be recorded from the conception of an idea to the number of meetings conducted, when and where were they conducted, names of persons part of those events, etc. The records serve as solid evidence of your ownership of the product.
  7. Avoid Joint Ownership: Avoid Joint Ownership of intellectual property at all costs. Joint Ownership creates problems later on which makes it difficult to protect the intellectual property right of one.
  8. Get Exact-Match Domains: One of the best trademark securement methods is to have an exact-match domain name. It is costlier in the short run but has many benefits in the long run.
  9. Safeguard with Strong Access Control: Store all IP-related documents, manuscripts, creations, and all ideas in a safe place that is protected by an identity and access management solution. Further, it is essential to store intellectual property on a system that uses adaptive authentication with risk analysis or at least two-factor authentication.
  10. Strong Non-disclosure Agreements: Get expert assistance in creating well-written non-disclosure agreements. Ensure that if there is any other agreement used in the business, it must cover intellectual property1. Such agreements could be employment agreements, license and sale contracts.
  11. Publish it widely with Attribution: The best way to protect a non-trade secret IP is to file it first. It will ensure that your company’s name is attributed to where it is mentioned. The more your business is seen with you IP, the more support your patents have.
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Wrap Up

In summation, it can be said that it is mandatory to protect intellectual property. In present times, intellectual property has gained great significance. It helps set apart your business from your competitors. Any delay in registration can lead to copying and stealing of precious idea. Competitors will not miss a chance to outdo what you have done.

FAQs

What are the 4 types of intellectual property?

The four types of intellectual property are trademarks, copyrights, patents and trade secrets.

How can we protect intellectual property?

The four ways in which you can protect your intellectual property are: i. Documenting your discoveries. ii. Using digital rights managements. iii. Opting for strong non-disclosure agreements. iv. Creating strong access credentials.

Why do we protect intellectual property?

We protect intellectual property to protect our idea or concept and to protect genuine business assets integral to core business services.

What is the strategy to protect intellectual property?

The strategy to protect intellectual property is to register it with the government and enforce ownership rights.

What are the different types of intellectual property strategies?

Intellectual Property strategy is simply a plan on how to develop, grow, leverage and monetize your portfolio of IP assets.

What are the 4 ways to protect intellectual property?

The 4 different ways to protect intellectual property are: i. Register trademarks, copyrights and patents. ii. Register business, product or domain names. iii. Create confidentiality, non-disclosure or licensing contracts for employees and partners. iv. Implement security measures.

Read Our Article: How to Ensure the Protection of Intellectual Property

References

  1. https://en.wikipedia.org/wiki/Intellectual_property

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