If you or your company is working on innovative new products, it’s of the upmost importance that your intellectual property is protected. After all, you don’t want copies of your unique idea emerging before you have chance to launch. Here are five top tips for safeguarding your intellectual property.
- Stay ahead of the competition
Those that work in the technology sector will appreciate its fast-paced nature. As you bring out a market-leading product, your competitor jumps on the bandwagon and releases something similar. Unfortunately, the industry will always face this copy-cat challenge. To stay ahead of the game and protect your intellectual property, you must be the first to release your innovative ideas every time. It will leave your competitors consistently trying to catch up.
- Work collaboratively, but independently
Is your company in the middle of creating a ground-breaking new product? Then it’s wise to have separate teams working on separate sections of the design and build. This will make sure that no one has visibility of the device as a whole. In effect, this should protect the intellectual property and improve information security – as individuals from every team would have to work together to replicate the design (which is very unlikely).
- Use systems with multi-factor authentication
Multi-factor authentication is a great way to reduce the risk of security breaches. It is a method used in computing that means access is only granted to users who input two or more pieces of required evidence as verification. With the latest advancements in technology, passwords are no longer sufficient to protect intellectual property. This multi-faceted approach will give you a much higher level of security.
- Reinforce your IP is yours
Wondering how to protect your IP? One tactic is to ensure your company is always named where it is cited. Make the effort to publish it widely as the more times you are referenced alongside your IP, the more you are backed up. There are many law firms such as Withers that specialise in IP protection for technology clients – so it’s wise to get advice on the most effective ways to protect your business.
- Implement non-disclosure agreements
Every technology business requires a strong workforce to design, develop and release products – but how do you ensure that no one takes advantage of their insider knowledge? You can set up non-disclosure agreements that sit alongside or within employee contracts that cover your intellectual property. It’s also worth setting these up with any other businesses you work with who have access to your information.
It’s important to use effective, tailor-made solutions that will protect your company’s intellectual property. Why not implement these safeguarding strategies today?