Intellectual property can be a small businesses most undervalued and ignored asset. Our viewer Michael has a great question about protecting his property.
The creative ideas and innovative designs of a business, although often intangible, are typically worth more than its physical assets. It is important that small business owners recognise, utilise and protect them in order to acquire concrete value for your enterprise.
If you don’t ensure that your IP is legally protect, it may be used by others without your permission. Most small businesses do not give enough attention to IP as they are focused on the day-to-day tasks of running their business.
Others fail to recognise what IP they have, its value, and the way to effectively protect it. Giving strategic thought to harnessing the potential of your IP should link to the goals of your business, possibly generate additional revenue and can be thought of in terms of being a competitive business tool.