By John Cabeca and Ivan Chaperot

Within the U.S. economy, many small and medium-sized enterprises (SMEs) are intensely aware of the need to protect intellectual property (IP) and to incorporate IP strategy into their business growth and development plans. Due to the expense, complexities, and laborious process, unfortunately, many SMEs do not effectively build out a baseline IP strategy early enough. With the rise of global competition and a more interconnected economy, IP rights are critical assets for SMEs to compete effectively.