Any instance of compromised intellectual property can severely affect a brand’s success and growth. A company’s market share will dwindle if, say, a given trade secret gets revealed to competitors.
 |
| Image
source: gemaker.com.au |
It’s not even about the long legal battle that confronts a company in cases of IP theft, but the immediate damage of having surrendered your business advantages. The robbery itself will have a negative impact on your image, and the resulting public-knowledge backlash will ruin customer relations, trust, and your all-important flow of revenue. It could take years to fully recover from such an incident, assuming the company doesn’t go bankrupt first.
 |
Image source: uschamber.com
|
Any business should therefore establish methods to maintain vigilance, from implementing clear non-disclosure agreements, conducting regular seminars on IP protection, and closely monitoring competitors. It can be very time-consuming and arduous to keep a close eye on competing brands, but it’s important to do so, nonetheless. The good news is that there are programs constantly examining internet postings for possible infringements.
More importantly, businesses should consult with intellectual property lawyers and agents to further streamline the process. It’s always better to get professional help from attorneys trained in IP law, as they will prove vital both in ensuring better infringement safeguards and in case legal implications arise. Having a dedicated team of IP experts backing you up will likewise give you the peace of mind to focus on your business’ growth.
MEM Concessions LLC was founded by distinguished IP attorney Michael E. Melton, author of numerous published legal articles in the field of Intellectual Property. For more on the company and Mr. Melton, visit this website.
