A Colorado business may have intellectual property that is very valuable. For example, the patents held by a software company may be the most valuable assets that it owns. For some, the loss of intellectual property would mean the end of the company or a serious setback, so protecting it should be a top priority.
Despite its importance, intellectual property management is still low on many priority lists. A company that prioritizes it may be able to stay ahead of its competitors and get the most value out of its creativity. Key components of intellectual property protection include risk management, cost management and a focus on innovation.
Changes in patent laws in the United States are having an impact on how businesses protect their intellectual property. For example, the America Invents Act has resulted in thousands of patents being struck down. Businesses cannot assume that the patents they own will be protected from opposition, and time and money may need to be invested to protect them. Some companies are now patenting ideas competitively as a way to block others from moving forward with inventions. A company that is aware of the current atmosphere around patents may be in a better position to protect its ideas.
A big part of intellectual property management is determining what ideas should be protected. In addition to patents, companies may have trademarks that are essential to their marketing plans. Attorneys will often advise their clients to keep a close look on the competition for signs that these proprietary assets are being infringed upon.