Michigan Businesses Must Take Steps to Protect Their Intellectual Property
In a fascinating 2000 article in the Harvard Business Review entitled Discovering New Value in Intellectual Property, Kevin G. Rivette and David Kline estimate that a company's intellectual property can comprise as much as 70% of its value. Indeed, intellectual property has become one of the most important facets of the high technology economy that continues to develop worldwide.
Although many entrepreneurs and small business owners don't realize it, intellectual property issues are of the utmost importance for companies of all sizes, large and small. This is because virtually every business, no matter its size, possesses information and knowledge that could be useful in the hands of its competition. This could include a company's name or logo, promotional and advertising materials, product reports and literature, customized software, customers lists, and businesses processes.
Intellectual property laws provide businesses with the means to protect this information from misuse by their competitors. But, businesses must act in a proactive manner to obtain protection for their intellectual assets. This means consulting regularly with legal counsel to ensure protection of intellectual property rights through trade secrets law, trademark and copyright laws, non-compete, non-disclosure, and non-solicitation agreements, and employee training in the appropriate protective measures.
Protecting intellectual property should be one of the top priorities of any ambitious Michigan business, regardless of its size. Consulting with an experienced Michigan business lawyer, who is familiar with intellectual property issues such as trade secrets law, trademark and copyright laws, and non-compete, non-disclosure and non-solicitation law, should be a priority and will be an investment that has the potential to yield rich results in future protection and revenue.
