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|Thursday, March 01, 2007|
The area known as intellectual property, or IP, is becoming increasingly important for small business. IP refers to all of the intangible assets that a business develops that are products of the mind, rather than products of machinery. Just as you can own tangible property, you can also own intellectual property if you take proper steps to establish and protect that ownership.
But while patents and other intellectual property are vital to smaller businesses, those businesses often lack resources for managing IP issues. Poorly written patent applications submitted to the U.S. Patent and Trademark Office (USPTO) have created a backlog of historic proportions. And IP experts at IBM, for example, say the government has been approving applications for things that are overly broad, obvious and old-hat in a rush to clear the logjam. Here are some things small businesses can do to establish, protect and cash in on IP assets:
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