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Outsourcing can stretch budgets and shorten timelines on projects but beware of the dangers of intellectual property (IP) loss. U.S. and E.U. privacy and IP laws rarely apply in offshore locations, and few foreign laws exist abroad that cover IP protection and the theft of trade secrets. Understand these risks and take the necessary steps to properly manage knowledge assets.
What Classifies as Intellectual Property?
Intellectual property is defined as any asset comprised of knowledge and/or ideas. Examples include patents, copyrights, trademarks, regulatory licenses, and trade secrets, as well as innovative, and original business practices or processes.