Intellectual Property and Compliance | Rachael Giannetti

Protecting intellectual property (IP) is a mystery to many businesses, which is why many entrepreneurs avoid filing the appropriate applications with the government. If you have invented a new product in your industry that sells, you should definitely look into securing a patent. The process can be costly for small businesses, so try to prioritize your inventions. Here are the steps to take to protect your IP assets.

Why Companies Protect IP

The four different types of IP consist of Patents, Trademarks, Copyrights and Trade Secrets. Each of these categories has its own filing system and requirements.

Hiring a patent or trademark attorney is essential for large corporations that are vested in research and development to make innovative products. It's typical for a giant like Apple to own thousands of patents and only use a fraction of them. For companies with enormous earnings, it's common to file for specific patents just to keep certain competing products off the market.

The big payoff of a patent—even for a small entity—is if the patent is awarded, it gives the owner control of how the patent can be used or licensed by other firms. Patents give a company a competitive edge and an innovative image, which tends to impress investors.

Consequences of Not Filing a Patent

Many small players don't bother filing patents for their inventions due to not having the funds to pay for a patent search and other fees. While it's still possible for these inventors to thrive, their creations will lack protection, allowing competitors or other opportunists to borrow ideas for their products. Unfortunately, you will not have a strong case if you fail to secure a patent that proves you were the first to document the invention with the government. The same concept applies with trademarks or copyrights.

Steps To Protecting IP

The first step to protecting your unique work is to make sure it's original by researching your industry. If you are confident there's nothing else like your product on the market, then you're ready to consult a patent professional who will conduct a comprehensive IP audit, which involves researching large databases.

If your work is found to not infringe on prior art, then you're ready for the filing process which can take up to a few years. For patents or trademarks you need to file with the U.S. Patent and Trademark Office (USPTO). To copyright creative literary content, you will need to register your work with the U.S. Copyright Office, a division of the Library of Congress.

Originally published on RachaelGiannetti.com on April 24, 2019.

Rachael Giannetti is a compliance manager for a registered New York, Florida, and New Jersey Mortgage Broker specializing in residential loans. Since her start with the company in 2011, she has been instrumental in numerous implementations and developments, and credits her success to her ability to stay on top of compliance news and trends. Where many find compliance to be arduous, Rachael loves the opportunity to face challenges and find the perfect solution. Giannetti earned her Bachelor’s degree in Public Relations from Hofstra University, where she also minored in Political Science. She then attended the University of Bridgeport where she earned a Master of Science in Education, completing her graduate degree. For all things compliance, be sure to visit her website at RachaelGiannetti.com.