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Your startup has developed a cutting-edge innovation. It’s different from anything else on the market, and it has significant potential for monetization. At this stage, your next step may be to file for a patent. Here’s how you can tell if you are ready:

Patent license agreements allow companies to monetize their innovations without (or in addition to) developing their own products and services. These agreements have several key terms, and companies must ensure that their patent licenses contain appropriate restrictions and protections. If a license agreement doesn’t contain the necessary restrictions and protections, not only could this reduce the value of the license for the licensor, but it could potentially lead to the loss of the licensor’s exclusive patent rights as well.

Trademark registration is essential for protecting companies’ names, brands and logos. Registering a trademark with the U.S. Patent and Trademark Office (USPTO) provides nationwide protection—and this protection affords the registered owner the right to prevent not only the use of the registered mark itself but also the use of any “confusingly similar” marks to promote competing goods and services.

In today’s world, social media marketing is essential. But, social media platforms can also be dangerous places for brand-based businesses. Fortunately, there are steps companies can take to protect their trademarks on social media—both initially and on an ongoing basis. Alabama trademark lawyer Hunter Adams explains:

Patent protection affords startups the opportunity to protect their inventions and capitalize on the exclusivity this protection affords. But, securing patent protection isn’t easy, and startups can easily lose their monetization potential if they aren’t careful. With this in mind, here are five essential tips for startups from Alabama patent attorney Hunter Adams: