When a business protects their intellectual property through patents, trade secrets, copyrights, or trademarks, it not only benefits that business, but the United States economy as a whole. A new report came out detailing just how this is possible.

Here are a few ways intellectual property protection affects the economy:

• Provides incentives to create
• Protects innovators from copying
• Creates a platform for investments in innovation
• Supports startup growth through mergers and acquisitions
• Makes licensing-based technology business models possible

The report that was released by the U.S. Department of Commerce found that industries saturated with intellectual property, support at least 45 million U.S. jobs and contribute over $6 trillion to U.S. GDP. While some use intellectual property more than others, every segment of the economy in the United States uses intellectual property in some way.

With intellectual property being such an important aspect to companies, taking care to protect it is a must. Knowing the difference between copyright, trademarks, trade secrets and patents and how they protect information is key. Also, filing for intellectual property protection at the correct time is important.

When creating a new product or idea that needs protection, consulting experienced attorneys should be one of the first steps. The attorneys at InnovaCounsel have years of experience in dealing with intellectual property, licensing, trade secrets, copyright, trademarks, and patents.

Those who do not properly protect their intellectual property are at risk of piracy, counterfeiting, and theft. Instead of risking this, involve an attorney in the pursuit of intellectual property protection. They can help businesses get the right protection from the start.

Small businesses might not think they can afford the help of inside counsel for intellectual property protection, but with InnovaCounsel they can. The attorneys at InnovaCounsel make it possible for companies to benefit from full- or part-time in-house counsel when they need it.