The Importance of Protecting Your Business Idea

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Safe1 150x137 The Importance of Protecting Your Business IdeaThis month’s issue of Vanity Fair profiles the CEO of Groupon, the highly popular website that features daily deals from retailers in 43 countries, and illuminates the importance of protecting a business’ intellectual property (IP).

Businesses like Groupon, which have a very low barrier to entry since there’s no brick-and-mortar involved, have found their business models besieged with competitors who purchase like-sounding website addresses (or, in other countries, the exact same web address) and make money off another company’s idea.

Early last month, Groupon filed for an IPO, which could wind up valuing the company at more than $20 billion.  While your company may not be in that league, it likely has intellectual property that needs to be protected, including the company or product name, logo, slogan, marketing materials, exclusive products or any processes that are exclusive to your business.

The first step is to take an inventory of your company’s potential IP.  Then you can consult with a California business planning attorney to see which qualify to be trademarked, copyrighted or patented.

To protect IP for a product or invention, you can seek either to have the product or invention patented or to protect it as a trade secret.  Patents are public information, which competitors can sometimes use to improve upon a product or invention without infringing on the patent.  Trade secrets are private, and when enforced via employee agreements and company rules and regulations, can be a valuable way to protect IP.

Our Orange County business planning law firm takes protecting your business very seriously.  We can help you structure your company and operations policies to ensure your business intellectual property is fully protected.Get started by contacting our Orange County asset protection estate planning law firm as soon as possible.

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