Creating awareness about intellectual property among the employees has become crucial. You also need to be aware make sure that there is no disclosure of intellectual property. By doing so, one can create wealth for the business.

So, how do you create wealth for your business with the help of Intellectual property also known as IP? Well, in this blog, we have curated down a few ways how you can create wealth for the business.

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  • There are many ways of protecting intellectual property and creating wealth for your business through it. One can conduct regular training sessions for the staff under the guidance of an intellectual property lawyer.
  • It must comprise a few things like
  • How to identify intellectual property and protect it
  • Understanding the usage of patents and its protection
  • Recording the intellectual property into the books, documents, and policies of the IP
  • Last whom should you contact in case of emergency.

These records keeping will keep these kinds of questions.

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  • For instance, if the inventor has kept the information private
  • Any written description is given for the idea through which one can keep it safe
  • How the idea is being generated and with whom they do the collaboration

The primary aim of the record keeping is to provide protection to the intellectual property and maintain its privacy in the business.

In addition, intellectual property can be licensed and used in the utmost possible way for the benefit of the company. Remember, the only way to create wealth is by protecting the intellectual property of your business. So, how do you take care of confidential information?

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There are basically three scenarios mentioned in this blog. Just go ahead and check it out

Scenario 1

What one should do when the information is given out?

  • Give the information in some permanent form
  • Mark the documents with confidential sign and disclaimers
  • Keeping the copy of the disclosed documents with whom and when recorded
  • If the disclosure is being carried out in oral in confidence, what is written and what isn’t written
  • Ensure that the recipient sign up the confidentiality agreement in return of disclosure

Scenario 2

What one should do in receiving confidential information under the mutual agreement?

  • If you are asked to sign the confidential agreement then please, check it is only about the confidentiality and not transferring the intellectual property rights.
  • Jot down the record what was disclosed with whom and when.

Scenario 3

What to do when there’s the publishing of papers or presenting the technical papers?

  • Do not disclose anything without the permission of the inventor.
  • Request to the publisher that he or she commits in giving the confidentiality
  • Keep an eye on the publication
  • Consider checking the restraints under the agreements

Therefore, that was all about protecting your intellectual property in order to create wealth for your business. Remember, by following the points you will give protection as well as increase the profit margin of the business.

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