In these difficult times, with many people facing the prospect of losing their jobs there are also signs that a number of those people are using this as an opportunity to follow what has perhaps been a long held dream and start their own business. Starting out on your own can be both an exciting and daunting prospect, with so many things to consider and a lot of demands on the funds that have been allocated towards start up costs.
In these circumstances thinking about the intellectual property (IP) your business will create and own is often not a priority. This however can be a mistake as IP helps to differentiate your business and make you stand out from your competitors, which is vital at any stage of a business journey but particularly when you are trying to carve out your position in the marketplace. We have already considered here the importance of obtaining trade mark protection and below we have set out some benefits for those businesses which create products of protecting those products, either through patent or design right protection.
Patents are expensive and take a long time to obtain. Design protection protecting the appearance of a product however is available for almost any product, is both quick and cheap and can provide the following benefits:
Makes it easier to enforce your rights against people who copy your products.
1. Protects the value of the financial and physical investment you make in creating a new product.
2.Safeguards your reputation by making it easier to remove substandard or even unsafe copies from the markets.
3.Enables you to commercialise your products in different markets or regions through collaboration.
4.Can provide an additional source of revenue through the entering in to of license agreements.
5.Makes the business more attractive to potential investors or purchasers.
The above are just a selection of reasons why companies should consider design protection. When combined with the benefits of trade mark protection set out in our previous article they demonstrate the importance of having a proactive IP strategy.
If you would like to know more about the cost and processes involved with IP protection or would like to discuss how to implement an effective IP strategy please do not hesitate to contact Adam Turley on 01228 552600 or by email at email@example.com