As part of growing and thriving, businesses big and small need to protect the unique properties that make the company stand out from the crowd.
In the age of the internet, protecting intellectual property in its many forms has swiftly moved up the list of necessities. Whether a trademark or innovative patent, not getting it protected or not doing property research and accidentally infringing on another company’s intellectual property may come with devasting consequences.
The value of trademarks and patents
Trademarks serve the invaluable role of helping a company distinguish itself. As people begin to recognize the trademark, a competitor with a similar one or near replica may bring negative consequences to a business. With an invention as the foundation of a business, not getting a patent may lead to losing out on it.
The consequences of infringement
The United States government takes patent and trademark infringement very seriously. Considered breaking federal law, it often comes with severe financial penalties and a damaged reputation. Recently, Samsung avoided legal woes by making a $150 million settlement to another company over patent issues. While a huge tech giant has the assets to make that deal, most businesses do not. Even making a small mistake could put a company in financial ruin.
The top ways to protect intellectual property
Whether a trademark or patent, getting a legitimate one and protecting it comes down to due diligence. Key ways to do so include doing thorough research on competitors and maintaining a pulse on their activities to ensure no infringement. When using social media, take extra precautions to ensure content does not include any intellectual property from another company.
A lot goes into making a business succeed. Taking precautions when it comes to brand names and innovations remains key to continued growth.