Firm Foundations
I love building programs like Kevin McCloud’s Grand Designs. The process of turning nothing into something spectacular fascinates me. It is interesting to note, when watching these shows, how much time and resources are spent on the groundworks. These are parts of the building that will never be seen but are essential to the strength and longevity of the building that will sit atop them.
In some building projects, a fault in the groundworks can delay the build for months and costs skyrocket as things are put right. Sometimes, the builders have to rip out some of what was there and restart it.
I was recently reminded of the importance of getting the groundworks right when building your business. While resources can be stretched thin, building a strong and resilient business requires that some fundamentals not be ignored or glossed over; one of those is identifying and protecting your Intellectual Property (IP).
Intellectual Property, i.e. trade marks, patents, designs, copyright, trade secrets, etc., can be some of a company’s most important assets, but because they are intangible, they can often be overlooked to the detriment of a company.
Too many times, we are approached for advice concerning a received cease and desist letter demanding that the receiver stop selling a patented product or stop using a trade mark, i.e. a sign which identifies their brand, because they are infringing upon another company’s rights.
If the claimed infringement is valid, this can lead to a complete rebrand, resulting in the loss of market recognition and investment and the need to restart with a completely new trade marks; or the withdrawal of a product that has to be scrapped or redeveloped to design around the protected elements.
We may also be approached to protect a new product by filing a patent application, only to find that the product is already on the market or has otherwise been disclosed, thereby destroying the novelty and preventing a valid patent from being issued. This will affect the ability of the inventing company to prevent others from using its invention or improvement to the detriment of its unique offering and its capacity for future revenue streams through sales, licensing and possible tax relief.
A trade mark may have been used for years, accruing local unregistered trade mark rights, but to prevent use in other parts of a territory, thereby protecting your business’s expansion into other geographical areas, a trade mark registration is essential. Third-party rights in other parts of a territory could prevent growth.
So here are some top tips for getting the IP portion of your business’s foundations right: –
- Identify your IP assets
- Have freedom to operate searches conducted for your trade marks and new products
- Protect your IP before you promote it
- Police your IP to prevent third-party use – taking action when necessary
- Review your IP Portfolio regularly
- Partner with a trusted firm of IP attorneys who can guide you as you build your business
MacLachlan IP’s Patent and Trade Mark attorneys are available to guide you as you build your business. Contact us today for a free, no-obligation in-person or virtual consultation.
