Do not underestimate the value of any patents that your company holds. In fact, many experts agree that these patents and other forms of intellectual property are typically considered among the company’s most valuable assets. A particular patent could be the one thing that gives your company an edge in a competitive marketplace.
Unfortunately, patent infringement is a serious issue. This is growing even more common in the internet era, as it is easier than ever for this type of information to be spread or illegally obtained. This means that companies could lose their most valuable asset to something like a data breach or a disgruntled employee. Should you decide to pursue litigation if this happens to your company?
Is your company actively losing money?
The first question to ask is how much the breach is costing you. You could be actively losing money as the company that took your IP sells similar products or services based on that information. On top of that, the loss of a patent can also serve to dilute your brand in the eyes of the general public, making it appear less valuable. This matters most for luxury goods, where that perceived value is a large reason for the price point. If your company is losing significant revenue every year, you need to take action to protect the patents that you hold.
Are you trying to raise money?
Another thing to ask yourself is if your company is trying to attract investors and raise capital. Patents can be critical during this process. These patents give your company a specific value, which it’s easier for investors to latch onto. If you’re asking them to back your business, knowing that you hold the only patent also assures them that you have a competitive edge and that your idea is actually a novel one. Whether you’re trying to start a company from the ground with investors, or just trying to bring on more money for research and development, defending your patents may be the first place to start to make all this possible.
So what do you need to do?
It can be complicated to defend intellectual property and patents, but you do have a lot of rights under U.S. law. Make sure that you are well aware of all the steps that you need to take so that you can seek a proper solution and protect these assets that are so incredibly valuable to your business.