Intellectual property often is a company’s most valuable asset. Losing IP to a competitor means loss of market share — and if accusations of theft make it to court — lengthy and expensive litigation. In its lawsuit against Samsung, for example, Apple reportedly paid lawyers over $60 million.
Rapid technological advance and America’s new sharing economy have fostered new business models to deliver products and services in a brand new way. But any successful innovation attracts the interest of like-minded entrepreneurs looking to benefit from their own spin on a new product. The risk of IP theft is likely to become a greater concern for industry giants and innovative startups alike.
Sponsor’s Information: Learn more about how Starr Companies and their Crime & Fidelity coverage can help with your IP theft risks.