The Importance of Protecting Your Intellectual Property

In the business community, it has become a very important to have proper protection against patent infringement, copyright piracy, and trademark counterfeiting, not only for small to medium businesses but also for big corporations. Each product or service used every day results from a long process of ideas, designs, and improvements in order to make a product or service to function the way the makers want it to function.  Having intellectual property for these services and products is important because it promotes innovation and variation, otherwise the business or individuals will not fully reap the benefits of these inventions. This could lead to lack of interest in research and development.

For businesses, protecting your intellectual property is important because it not only sets you apart from your business rivals, it constitutes to the essential part of your business’ branding and marketing. It presents a new and different concept to your customers. The most important thing about the need for protecting your intellectual property is that it can be used as a form of loan security, and in times, it can even be used or sold that can add as a vital steady stream of revenue.

Because of the importance of intellectual property and the need to protect it, there has been many times where company employees have been terminated because of issues around intellectual property. Intellectual property in a business is classified information; leaking such important information can be grounds for termination. Businesses that lack the expertise, knowledge, and resources fundamental to avoid theft of products and ideas are susceptible to such issues that could put companies in risks of lawsuits because of wrongful termination due to intellectual property.

Company employees that believe they have been fired due to wrongful termination have the right to file for a lawsuit and ask for compensation for the damages that the action has done to them. When the wrongful termination is due to theft or misuse of the business’ intellectual property, the process can be complicated and would require the help of an employment lawyer. All types of businesses are at risk of intellectual property theft, therefore it is highly advisable for business owners to protect themselves from such incidences.