Business Commentary: Know The Score
Dr. Maureen Stephenson

You wouldn't open your office for business and then go home without locking up, right? That's essentially what you're doing if you don't secure your business ideas by taking the steps to protect your trademarks, trade secrets and product design and packaging.

Entrepreneurs should start thinking about protecting their intellectual property earlier than most. Small businesses tend to delay this step because of the cost, but if you haven't applied for copyrights or patents, or registered your trade name and trademark or protected your trade secrets, you may have trouble making your case in court. Entrepreneurs should take their business plans to an experienced intellectual property attorney at the startup. Spending money upfront for legal help can save you from expense later by giving you strong trademark or copyright rights which can deter competitors from infringing.

Do you have trade secrets you need to protect from your competition? Courts are willing to order others not to use or reveal them, but only if you've treated them as secrets. Consider confidentiality agreements and covenants not to compete for all your employees and contract labor.