Protecting your intellectual property

More and more businesses, large and small, are leveraging intellectual property (IP) more than physical assets. Consequently, managers are having to pay attention to protecting these assets just as diligently as they lock doors and employ security systems to protect tangible assets.

The age-old and no-cost method is to maintain your IP as trade secrets. This requires you to limit the number of people who know your "secrets." Those in the know must sign what is called a "non-disclosure agreement," where they agree not to disclose what they know about your IP, even when they leave your employ (if they're employees), or contract (if they're consultants or independent contractors).

For more formal protection measures, you can acquire patents, copyrights, and trademarks and service marks, all of which are granted by the federal government. Being in possession of one of these allows you to defend your property against those who would steal your ideas.

Search again for information on these elements.