Your trade secrets are your business's most confidential and valuable assets, as they are what sets your New Jersey business apart from its competitors. While you should take the necessary measures to protect your intellectual property, you cannot always anticipate breaches. The law has protections in place to compensate businesses that are victims of intellectual property breaches. However, for the law to apply, the stolen information must meet the legal definition of a trade secret.
New Jersey business owners or entrepreneurs who have intellectual property (IP) to protect know that actually protecting your IP is a crucial yet difficult job. If a person's IP is abused, their business on a whole can suffer, and their entire brand image can be damaged.
Many people in New Jersey may be well aware that companies work hard to protect their trademarks as these intellectual property holdings can be important assets to a business or an organization. What may not be as well known is the vast range of things for which trademarks are held and therefore guarded. A case that was recently settled between two nonprofit event organizers in two different states shows a bit about this.
Entrepreneurs and inventors in New Jersey may naturally find the thought of owning one or many patents attractive for them personally as well as professionally. While there are certainly benefits to seeking a patent for a new invention, there may well be times when it is not in the best interest of the inventor or the company. Before attempting to receive a patent, people should consider a few key facts.
People who own or operate companies in New Jersey that must carefully guard their intellectual property know how difficult this can be at times. In some situations, there may even develop a situation in which other interests may appear to compete with the desire and need to protect intellectual property rights. One example of this can be seen in a multi-year dispute between researchers and a manufacturer of drunk driving breath test devices that continues today.
Companies in New Jersey that have trademarks should have a clear understanding of what a trademark protection provides them and how they can and should effectively enforce or defend those marks. Perhaps one of the biggest misconceptions that many businesses and people have is that the United States Patent and Trademark Office will actually proactively protect a company's trademarks. That is not at all true.
Whether you are an entrepreneur in New Jersey who is just getting a new venture off the ground or someone who has been managing a business and innovations for some time, you will need to be educated about how to protect your business from competition. To some degree, competition can be a positive market force but certainly there are things you do not want your competitors to be able to use against you and that you want to retain for your use only.