Why should you protect your IP?

| Jan 13, 2020 | Contracts |

Colorado business owners likely have some form of intellectual property. Also called IP, intellectual property is one of the building blocks in the foundation of our work. There are many reasons why you should take every precaution necessary to protect your IP. Today, we will look at some of them.

Stopfakes.gov examines why intellectual property is important. Without IP, a business does not exist. IP represents the innovative, unique ideas that your business thrives on. IP is what separates one business from another, what makes each one an individual entity. It fosters innovation and creation.

This is exactly why protecting your IP is important. In order for ideas to flourish, the environment needs to be conducive to their growth. If a business owner is always worrying about the theft of their ideas, they are going to put more time and energy into combating IP theft. This leaves less time to devote to research and development. New ideas would not get the attention or funding they need. This can cause the whole creative ecosystem to stall.

Speaking on a practical level, having unprotected IP also means that other people can make money from your ideas. Any time someone uses your IP to make money, they are taking money away from you. This can be demoralizing and demotivating. It can even financially hurt business owners to the point where they have to close up shop. No one wants to be in a position where IP theft ends their business. For that reason, business owners of all walks of life may want to invest in IP protection.