Intellectual Property Protection for Small Businesses
Intellectual property (IP) is where the value of your business lies. It sets you apart from the competition, builds trust amongst suppliers and investors, and boosts brand loyalty, resulting in greater business success. Intellectual property protection is crucial in businesses both big and small, and conversations around protecting IP in small businesses are becoming more prevalent in the ever-expanding digitised and globalised world.
Many small business owners might wonder whether investing in intellectual property protection is worth it, especially when they are just starting and cash flow is low. Happily, a small investment in IP can go a long way and there are steps that small business owners can take to navigate intellectual property protection without breaking the bank.
Steps Small Businesses Can Take to Secure Intellectual Property Protection
Rome wasn’t built in a day, and your intellectual property protection infrastructure doesn’t have to be either. Small businesses can start the process slowly and elevate their intellectual property strategy as they build momentum and gain greater brand recognition.
Here are some noteworthy ways in which to secure intellectual property protection for your small business:
- Trademark your brand: Register a trademark as soon as you can to distinguish your unique brand from the competition. Trademarks are the recognisable expressions, designs, logos, slogans, or symbols that differentiate your product and service. Trademarks are important because they “capture customer attention” and make your products or services stand out.
- Copyright creative materials: Copyrighting creative expressions, such as artworks, computer programs, literary works, online broadcasts, musical pieces, and websites or layouts, is vital as it protects original works and prevents the distribution, reproduction, or adaptation of them without the author’s consent.
- Patent inventions: Patents protect unique ideas and inventions by offering the creator exclusive rights for a selected period. This gives them the space and freedom needed to grow their businesses without the competition copying the idea for monetary gain. If you have come up with a patentable technological innovation or other novel idea, protecting it is critical to ensure a greater return on investment and enhanced market success.
- Make use of NDAs: Non-disclosure agreements are legally binding documents that protect information. They have also been dubbed as ‘confidentiality agreements’ as they ensure that private information isn’t shared. Confirm that employees and clients sign NDAs when working with sensitive information to ensure confidentiality isn’t breached. By the same token, when it comes to new ideas and innovations, be mindful of whom you share ideas with before they are patented.
- Have proof of your concepts (with dates): While no one wants to engage in lawsuits, it is important to have a record of your concepts in case litigation occurs. If you feel someone has stolen your concept or idea, things like YouTube videos (which are automatically dated), and time-stamped articles or blog posts can showcase when your concept entered the public domain. This can add greater validity to IP claims.
Work with Bredenkamp IP and Protect Your Small Business
According to the CEO of NuVinAir, Kyle Bailey, “protecting [intellectual] property early can be the difference between the success and failure of your entire enterprise.” By protecting your core business ideas and products, you can stand apart from the competition and safeguard your “business success by leveraging your IP potential.”
As a boutique intellectual property (IP) firm founded in 2012 by Karel Bredenkamp, a seasoned patent attorney with over three decades of experience, we pride ourselves on our personalised approach. Our goal is to thoroughly understand our clients’ enterprises, empowering us to effectively guide and support them through every aspect of the IP process – from crafting customised IP strategies and ensuring registration to the commercialisation, enforcement, and management of their intellectual property. For more information on how to harness the power of intellectual property protection for business success, chat with our specialised team at Bredenkamp IP attorneys and start protecting your intellectual assets.
