Every successful business owns something valuable.
For some businesses, it is machinery. For others, it is stock. But increasingly, the most valuable assets are intellectual property. Many business owners spend years building successful enterprises without realising that some of their greatest assets are invisible:
1) Their business name.
2) Their logo.
3) Their products.
4) Their software.
5) Their website.
6) Their marketing materials.
7) Their customer databases.
8) Their inventions.
9) Their confidential business information.
These are all examples of intellectual property that may be protected by law. Intellectual property is often the difference between a business that merely survives and one that creates long-term wealth. A registered trademark protects the identity of your business and distinguishes your goods and services from those of your competitors. A patent protects qualifying inventions and technological innovations. Copyright protects original works such as advertisements, photographs, software, websites, brochures, manuals, videos, music and artistic designs. Trade secrets protect valuable confidential information such as manufacturing processes, customer lists, recipes, formulas and business strategies. Unfortunately, many entrepreneurs invest heavily in growing their businesses but very little in protecting these valuable assets.
It is not uncommon for businesses to discover that another person has registered their business name, copied their product packaging, reproduced their website, duplicated their software or even begun selling counterfeit versions of their products. In many cases, these problems could have been prevented through proper intellectual property protection.
Business owners should therefore ask themselves:
– Is my business name protected?
– Have I registered my trademarks?
– Do I own the copyright in my marketing materials?
– Are my employment contracts protecting confidential information?
– Have my inventions been considered for patent protection?
– Do my contracts clearly state who owns the intellectual property created by employees or consultants?
Businesses should also remember that intellectual property rights belong to others. Using another company’s logo, copying website content, reproducing photographs, downloading software without the appropriate licence, or selling counterfeit products may expose a business to significant legal liability. Respecting intellectual property is not only a legal obligation. It is good business practice.
Investors often assess the strength of a company’s intellectual property before deciding whether to invest. Banks, commercial partners and potential purchasers increasingly recognise intellectual property as a valuable business asset. A well-managed intellectual property portfolio can increase the value of a business, create licensing opportunities, attract investment and provide a competitive advantage in the marketplace.
Your business may own far more than you think. Protect it before someone else profits from it. The businesses that thrive tomorrow will be those that understand that innovation, creativity and reputation are assets worthy of legal protection today.
For legal advice on trademarks, patents, copyright, trade secrets, commercial agreements, business protection or intellectual property, contact Dzekedzeke and Company.
