Attorneys that specialize in intellectual property (IP) cite a myriad of reasons why it is a great idea to make sure that your IP is protected. Years in the space have provided IP attorneys with helpful insights for protecting IP, and many have found that understanding how and why to protect IP is even more pertinent now than ever. Philadelphia area IP attorneys such as Condo Roccia & Koptiw LLP realize that everyone may not have a firm grasp on why it is helpful to ensure that IP is legally protected. Provided are 3 of the top reasons that experts cite for protecting your business’s intellectual property.
It Helps Keep Your Ideas Your Ideas
One of the biggest reasons that Philadelphia area IP attorneys like Condo Roccia & Koptiw LLP and others have for seeking intellectual property protection is that it helps protect your business, products, and ideas from legitimate competition as well as from entities hoping to knock off your IP. Once your IP has been copied in some way, it can be financially difficult for small businesses or individuals to deal with the associated costs of handling certain lawsuits. Getting the appropriate work done with filing for a trademark or patent will assist with the legitimacy of your business and make it much easier to protect your ideas.
Protecting IP Fosters Business Development
Another reason to consider IP protection is that it provides you with the freedom to establish a strong business around your product. When your IP is protected via trademark or patent it is much easier to grow your business and ensure that your company or brand can develop without fear of your IP being infringed on. As your company grows and establishes new methods to develop, the risk of IP being stolen increases exponentially. Properly protecting your IP helps set the precedence of business development and innovation rather than worrying about possible competitors.
Protecting IP is Great for Goodwill
Protecting your intellectual property is not only a good idea for helping with tangible metrics, but also intangible ones such as goodwill or reputation of your business. Condo Roccia & Koptiw LLP as well as other experts in the space cite reputation is a key part of any industry, and it is important to consider the negative impact rip-offs of reputable products can have on the consumer experience. In some cases, customers could even risk their health if they mistakenly trust a product of shoddy quality masquerading as recognized brands.