Bringing a unique and cutting-edge product to the market helps your business stand out in a sea of competitors. Developing new and valuable intellectual property (IP) presents its own unique challenges, but what about protecting it?
Manufacturers everywhere are struggling to keep up with the ever-evolving global, digital landscape. Here are some common challenges they face in protecting their IP.
Outsourced manufacturing and increased counterfeiting
Outsourcing manufacturing to other countries, especially China, can cut down on costs drastically for some businesses. By doing so, companies can reduce their overhead costs to offer lower prices or increase their profit margins.
Unfortunately, sending your manufacturing to a foreign country introduces the opportunity for counterfeiting. China, for example, is notorious for knock-off products. With the increased prevalence of 3D printing, creating counterfeit items has become easier than ever.
Not only do US companies have difficulty protecting their IP in other countries, but counterfeit items can also devalue their brand by creating an inferior product. If you plan to outsource your manufacturing, make sure you build a team of experienced and trustworthy professionals abroad with proper oversight at every turn.
The rise of the digital economy
These days, nothing moves faster than the internet. Smartphones have opened up the gateway for near-instant data transfer. With most businesses now relying heavily on network-connected technology, your IP and trade secrets have become increasingly vulnerable.
Many companies offer their employees the opportunity to work remotely; however, this workplace culture shift has made it more difficult for companies to safeguard their IP. Careless employees could unknowingly expose confidential information on public networks or leave themselves open to cyber-attacks.
In this new digital age, every company needs to develop and implement strict cyber-security measures that prevent third parties from easily gaining access to company devices and networks.
Prioritize the safety of your IP
Protecting your intellectual property is paramount to ensuring the health and longevity of your business. Don’t stop short by failing to consult legal counsel at every step. Bilicki Law will help you develop a focused IP strategy and provide valuable guidance as you continue to grow and expand your business.