Protecting Your Intellectual Property

Modern business is all about the power of ideas. The companies that will make a real mark in 2014 are those which have capitalised on a little idea, and made it big. Little ideas can be worth big money, particularly with the emergence of the digital economy.

So protecting those ideas is more important than ever in the contemporary marketplace, which is also more competitive than ever.

An idea (in the broadest sense of the word) is also known as “intellectual property”. Modern businesses, those that are riding the wave of the digital revolution, are heavily dependent on their intellectual property. This property cannot be kept under lock and key like a piece of machinery, it needs to be protected in other ways.

Defining the concept of intellectual property

Just because intellectual property isn’t something tangible it doesn’t mean it cannot be stolen, and unfortunately, some people are not as diligent as they should be when it comes to protecting their ideas.

That’s understandable. We don’t all have an in-depth understanding of the law. After all, the biggest companies on the planet, from e-commerce businesses to advertising agencies, and from toy manufacturers to oil companies, spend millions of pounds each and every year protecting the ideas that form the foundations of their business, drafting in the best lawyers that money can buy.

If you run your own business, you can’t necessarily do that. Not everyone has a spare £500,000 stuffed down the back of the sofa in loose change.

Escrow Associates (part of the NCC Group) can help.

Escrow is a relatively simple process, which allows an independent supervisor to hold a copy of the intellectual property underlining a company’s assets. This comes with a supplier’s agreement on behalf of the end user. This same property can be released to and accessed by the user if the developer’s business fails or if they fail to fulfil their contractual obligations. Take a look at Escrow Associates Software Escrow Division for further information and to learn more about how you can go about protecting your intellectual property.

If you’ve spent time (and remember that in business terms, time is money) developing new software systems and applications, you need to make sure that that was time well spent, that all those hours of toil weren’t in vain. Take the necessary steps to protect your intellectual property and keep your business firing on all fronts.

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