But once open to the public, intellectual property can be copied very easily, which is why the rights associated with intellectual property were created. While it is an intangible asset, intellectual property can be much more valuable than the physical assets of a company. As there is no one-size-fits-all solution, protecting intellectual property is not always a clear task for companies. One of the main ways to protect the property of some types of intellectual property is through proper registrations.
Companies are diligent in identifying and protecting intellectual property because it has such a high value in today's increasingly knowledge-based economy. Then there is the defensive part to make sure that any intellectual property you use does not violate or infringe the rights of third parties. McCue, who has made seizures at trade shows in Las Vegas for foreign companies that violate his client's intellectual property rights, said: “It's important to know that, for some types of intellectual property, there is not only potential civil liability, but criminal liability for intent or egregious infringement of the intellectual property of someone. Due to the changing nature of intellectual property and the large margin for error, business leaders are prudent in seeking expert advice.
Intellectual property can represent a competitive advantage and, as a result, is heavily guarded and protected by the companies that own the property. Intellectual property (IP) refers to creations of the mind, such as inventions, literary and artistic works, designs and symbols, names and images used in commerce. Companies may also consider seeking advice to assess the cost of protecting their own intellectual property. In addition, companies are often unaware of the impact that intellectual property misuse can have on their organizations.
Failure to protect intellectual property can result in significant long-term financial losses for businesses, especially when considering an exit strategy. Ryan explained that “it may be essential so that the contractor does not end up owning the intellectual property that you develop for you and for which you pay them. With its direct impact on businesses, knowing how to protect intellectual property and not violate the rights of others has never been more important in today's world of intellectual property.