No matter which industry your business belongs to, intellectual property is a valuable asset for your organisation. Owning and protecting intellectual property helps you create a distinct brand identity as well as prevent misuse of your ingenious logos, ideas, and other intangible assets. Therefore, you cannot take enforcing your IP rights lightly.
IP protection gives you legal ownership of your original work, inventions, logos, designs, and so on. When you trademark, patent, or copyright any work, no other players in the market can use these assets without your permission.
Is protecting your intellectual property worth the time and effort? Absolutely, yes! In this post, we are sharing some reasons why your organisation is better off protecting your intellectual property. Take a look.
Exclusively Benefit From Your Ideas
You have put in blood and sweat into creating a unique product or service. Then how can you let a third party rip off your idea and benefit from it? Trademarks, patents, copyright and so on, allow you to safeguard different areas of intellectual property. Establishing ownership of intellectual property can help prevent competitors from wrongfully using and commercially benefiting from your ideas.
Ensure Long-Term Business Growth
If you are a budding venture, you cannot risk leaving your ingenious innovations in the wrong hands. And if someone infringes the intellectual property that you never bothered to register, getting it back may be impossible. Taking proactive steps to safeguard IP allows you to focus on growing your business instead of wasting time on lengthy litigation.
It’s Not That Difficult
Registering a trademark or patent can take time but it’s not as complicated as you might think. And some types of intellectual property, such as copyright, don’t even require legal registration. It’s important to understand that the time and effort you put into protecting your intellectual property is worth it.
Make the Most of the Internet
There is no doubt that the internet has transformed the way business is done. In today’s digital world, you have access to a wider audience, cost-effective promotion and so much more. However, on the downside, you may be sceptical about putting your innovation or other intellectual property online for fear of being copied. Legally protecting your intellectual property allows you to share your creation on the internet without worrying about infringement.
Protect Your Goodwill
The brand name, logo and other symbols associated with your brand represent its goodwill. Goodwill is an intangible asset that is recognised in accountancy as well as law. It is what makes customers trust your brand and repurchase your products. Wrongful use of your trademark or copyright can tarnish your goodwill. That’s why it’s imperative to take the necessary measures to secure IP rights.
Encourage Innovation
Have you worked hard to create a distinctive logo, catchphrase, product design or any other innovation? Then you can imagine how devastating it would feel if someone copied and passed off your idea as their own. Protecting intellectual property is crucial to encourage innovation and creativity.
Identify New Target Markets
When you decide to register any intellectual property, you will likely have to do a lot of research to ensure you’re not applying for something that already exists. This extensive research will give you insight into various patents in your industry and untapped audiences. You can use this knowledge to identify new target markets and expand your business.
Final Words
Often various IP registration processes can be time-consuming. Rather than wasting your time deciphering legal jargon, consult experienced intellectual property lawyers. If someone has copied your trademark or patent, a lawyer can also help you take legal steps to protect your intellectual property.
