From trademarks to patents, copyrights and trade secrets, intellectual property represents the innovative work and brand identity a company has built. While creating IP protection is not always straightforward, defending your rights is important.
There are four key reasons to stand up for your ideas.
1. Preserve your competitive advantage
Your IP, whether it is a new technology, logo, authored content or proprietary process, makes your business uniquely yours. If someone copies or infringes on your IP, they could erode the competitive differentiation you worked hard to develop. Defending your rights maintains the edge you have over rivals.
2. Protect your revenue streams
Especially with patented products or designs, unchecked IP violations can quickly translate to lost earnings. A trademark infringement can also divert sales. Fighting back shields current and future income streams that rely on your protected works and inventions.
3. Deter future theft
Turning a blind eye to IP theft essentially invites more of it. Civil action says you will not tolerate violations, deterring would-be infringers. This prevents potential revenue loss down the road.
4. Preserve decision-making ability
Finally, not standing up for your rights can compromise business decisions. For example, patents enable licensing deals and technology sales. Losing exclusivity makes it difficult to use IP for strategic commercial opportunities.
Left undefended, misuse of IP rights can have major financial and operational consequences. In fact, IP theft leads to over $600 billion a year. While protecting intellectual property takes perseverance, it pays dividends in maintaining your lawful advantages.