The Coronavirus has made remote work a necessity for many businesses; however, this alternate work arrangement comes with its own challenges. One serious challenge posed by working remotely is the protection of a company’s intellectual property (IP).
IP is invaluable in creating a competitive advantage and increasing business value. When business owners lead in creating a culture of intellectual property protection, a huge investment is being made in the long-term success of the business.
How do I protect my company’s intellectual property?
- Register copyrights, trademarks, and patents: Copyrights, trademarks, and patents are excellent tools in IP protection. These provide an individual/business with the rights to their creation and its commercial gain.
- Restrict access to certain individuals: Limiting the number of people that can access a company’s intellectual property, reduces the chances of the information being mishandled.
- Have proper documentation: Business owners must be diligent in having the proper documentation when working with IP. In some scenarios, this can involve having certain employees sign a non-disclosure agreement (NDA) to prevent the spreading of private information.
Documentation can also take other forms, such as licensing agreements which enable businesses to partner with third parties to use their IP under clearly defined parameters.
- Use security measures: Although having everything online allows for easier access to information, there are drawbacks to these digital times. One drawback is IP that is stored online could be susceptible to being hacked or file corruption.
Need further advice on protecting IP in your business?
For advice on maintaining your business during the COVID-19 pandemic, or for assistance in creating/revising workplace documentation or policies, call our experts today: 1 (833) 247-3652.