Many businesses have some kind of asset that they would like to protect. It may be a new gadget that everyone will want to buy or a process that makes life easier or safer. Additionally, if you’re using a name, logo or tagline to identify your goods or services, then it just makes sense to protect that mark with an official registration.
All of these assets are a form of intellectual property. When you invent a new product or process, then it’s sensible to protect that innovation by pursuing a patent. Maybe it’s wise to cover the code for your software with a copyright. Registering a trademark for the name of your product is one more common-sense measure that most entrepreneurs believe is essential to their success.
Have you invented a new product or process? Are you planning to sell your new gadget under a unique name? If so, then you probably have intellectual property that is worth protecting.
If this is your first foray into owning intellectual property, then you may not be certain why obtaining a patent or registering a trademark is necessary. The benefits of protecting your IP may not be obvious at first, but once you learn more about the rights that are granted to you as the holder of a patent, trademark or copyright, you’ll begin to see the value.
Protecting IP Lets You Keep Your Ideas
When you have a great idea, it’s only natural that others will want to copy it. However, when you hold a patent, trademark or copyright on your innovation, then you have the right to prevent others from infringing on your idea.
Holding a patent gives you the right to pursue legal remedies if you see that a competitor is using your invention on their products. Similarly, if someone is trying to sell a knock-off product with a logo that is confusingly similar to yours, then a registered trademark affords you a variety of legal protections. The same is true with copyrights. You can prevent other people from using your protected material when you have obtained an official copyright registration.
Protect the Growth of Your Business
When competitors steal your ideas or sell their products using a trademark that is confusingly similar to yours, then your bottom line may suffer. This is especially troubling for a new business that’s just trying to get off the ground. You’re attempting to establish your product and get people to notice it. With a nefarious actor out there, they are certain to steal some of your market share.
However, when you have carefully preserved your IP rights, then you have several legal remedies available to you. In fact, if you work with a qualified intellectual property attorney, you’ll have an ally who can help you keep an eye on competitors who may be engaging in infringing or unfair practices.
IP Can Be Security for Loans
Both new and established businesses may benefit from an influx of capital at various times. That’s because tasks such as research and development can be incredibly expensive and time-consuming. Investing in these costly tasks is less risky when you have the prospect of holding a monopoly on your IP, at least for a limited time.
If your organization is in need of capital to develop your idea or bring it to the market, then protecting your IP is critical to obtaining the money you need. Investors prefer to see that the project into which their money is going is protected by patents, trademarks and copyrights to better ensure an enhanced market share. Moreover, when you hold official IP rights, investors believe that your project is less risky and more likely to succeed.
When you protect your IP, you’re really protecting your business. It’s the best way to prevent others from wrongfully benefitting from your great ideas. After all, the inspiration was yours and you poured plenty of sweat into its development. Don’t you deserve to reap the benefits of all of your hard work?
Contact Williams IP Law to learn more about how you can protect your business by protecting your intellectual property. Obtaining protection via patents, trademarks and copyrights will help you to hold on to your ideas and grow your business.