2022-05-04
New inventions can be life altering for both the inventor and the people who benefit from the invention. As the inventor, you should consider protecting your invention so that you can reap the rewards of your hard work and prevent others from simply duplicating your work. Patents, trademarks, copyright, industrial designs and trade secrets can all be used to provide protection for various types of intellectual property. Below are some advantages of protecting intellectual property:
Enhances the Market Value of a Business
Having a intellectual property portfolio or owning a valuable patent can greatly affect the value of a business. Businesses with intellectual property are able to generate income through the sale of goods and services, licensing others to use intellectual property assets, or selling intellectual property assets. Properly protected intellectual property can greatly enhance a company's value in the event that the company is sold.
Turns an Idea into a Business
An idea by itself rarely holds much value since an idea is not protected by any form of intellectual property. However, as an idea grows into an invention or brand, it can lead to the formation of a business. Filing patent applications to protect inventions and trademark applications to protect a brand can help you create and build a successful business. Issued patents and registered trademarks can show potential investors and customers that you are the real deal and that you have taken appropriate steps to protect yourself and your business. This can make you more appealing for investment purposes and prevent potential competitors from benefiting off of your business.
Helps Your Business Stand Out from Others
Logos, names, slogans, colors, and more can be used as identifiers for a business that helps customers differentiate your business from others. Protecting your brand with registered trademarks is a no-brainer. Registered trademarks can be used to prevent competitors from using the same or similar trademarks that could otherwise cause confusion in the marketplace. Ensuring that your brand is properly protected can help you maintain a good reputation with customers.
Helps You Raise Funds
Intellectual property can be a valuable asset. Investors are more likely to invest in you if you have an intellectual property portfolio. You may also be able to use your intellectual property assets as collateral when taking on debt for other purposes. In some situations, you may choose to sell off all or a portion of your intellectual property portfolio to quickly increase capital if needed. The downside of selling, is that you lose rights to the intellectual property.
Increases Export Opportunities
There are some cases where a registered trademark is a requirement for import or export of a product or for using specific online sale websites and issued patents can prevent competitors from importing infringing products. It is important to understand that intellectual property protections are generally regulated by each country differently. Protections filed in Canada generally only cover Canada. If your business expands, you may or may not have existing rights abroad. Understanding intellectual property deadlines, protections, and your own goals can help you determine the best way to protect your business in multiple jurisdictions.
Protecting your intellectual property in a correct and timely manner can be the difference between success and failure. For more information about the various types of intellectual property or to protect your innovations and brand, contact us.
