Physical assets are very important to businesses, but there is much more to companies. A business is nothing without its branding, and this is where intellectual property comes in.
Intellectual property includes things like slogans, recipes and unique processes that set a business apart from the competition. Unfortunately, companies can be victims of intellectual property theft. Who is most likely to steal intellectual property from a business?
Competitors
It’s hard to get ahead and stay ahead in business. The majority of companies have rivals to contend with. Competition can be healthy, but it can also result in some parties making unfair moves, such as stealing intellectual property.
Rather than being innovative, a rival firm may simply attempt to copy what you are doing. They may start creating products that are identical to yours as well as using your branding. This can be infuriating when you have worked so hard to build your reputation, but there are actions you can take to stop the theft. The first step is usually to send a cease and desist letter. After that, litigation is a possibility.
Employees
Your employees likely have access to sensitive information — particularly employees in managerial positions. Sometimes, they may let a secret slip by accident. In other cases, a disgruntled employee or former employee may steal your intellectual property out of spite. Legal tools like non-disclosure agreements can help limit this type of behavior.
Intellectual property should not be overlooked. Whether you are looking to protect it or prevent someone from stealing it, seeking legal guidance is a good place to begin.