Minneapolis business and corporate organizations attorney, Molly Gherty, shares the intellectual property concepts a new business should be aware of.
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Well, intellectual property is becoming hugely important for all businesses, even small businesses. You think of social media, you think of the reach of the Internet. So now businesses anywhere are connect – everywhere are connecting with people and businesses all over the world. So bringing us back to your question, “What do you need to consider when you’re starting a new business?”, you really need to think about, “What do I want to be projecting out there to the world?” And there is a defined value that’s just increasing over time. So you want to make sure you’ve protected that. So part of what you need to be considering is, is someone else using, for example, a logo that would be similar to mine?” And you want to make sure that you’re standing apart so that say you become an incredibly-successful business, you don’t want someone challenging that later.
And on the flipside you want to make sure that you’re taking the steps to protect that whether it’s filing at the state level or perhaps filing with the United States Patent and Trademark Office because when you sell your business many years down the line, that’s going to be a huge asset that someone else will want to pay for.