The Cost of Ignoring Intellectual Property: A Small Business Perspective

The Cost of Ignoring Intellectual Property: A Small Business Perspective

As a small business owner, you know that every decision you make can have a significant impact on the success of your company. One area that is often overlooked, but can have major consequences, is intellectual property (IP).

Intellectual property refers to the creative ideas and inventions of individuals, including but not limited to inventions, literature, and artistic works, as well as commercial symbols, names, and images. Patents, trademarks, copyrights, and trade secrets are all types of intellectual property.

Your business’s intellectual property can be a valuable asset, providing a competitive advantage and generating revenue through the licensing and commercialization of your products and services.

However, intellectual property is also vulnerable to being misused or infringed upon by external parties. Neglecting to protect your IP can have serious consequences, including lost income and damage to your company’s reputation.

Here’s a closer look at the cost of ignoring intellectual property for small businesses:

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Source: veteran-owned