Intellectual Property Protection builds Business Assets
Business entrepreneurs and those undertaking Business Planning should address the premise , always begin with the end in mind. That’s what planning embraces, a start direction strategy resources and the goal . Creating a saleable asset in business should always be in planning . Many businesses end never to realise true value . Often a hobby or trade morphs into a business only to become a job and a collection of worn-out equipment of little asset value. Franchising more often achieves an identifiable replicated package of value. Marketing, branding ,systems and processes creating an asset of value including specific Intellectual Property that must be protected.
Protecting Intellectual Property ( IP ) in business is no longer the domain of scientists cooking up mysterious chemicals, inventors building better mouse-traps for manufacture or multinational corporations promoting and protecting trademarks.
Technology and global multimedia has driven exposure, demand and need to protect IP and in the process defined the value factors in Business names, logos, products branding, packaging and processes. Protection prevents others eager to copy, steal, infiltrate and even make demands on you to cease trading. There is little point or reward investing finances or time creating a business brand and customer following only to have copy-cat operations gain a free ride, create market confusion and drive you out of business due to inadequate IP protection.
IP protection can be in the several formats and could secure your business competitive advantage. Patents; legally enforceable rights to exploit an invention or process for the life of the patent. Designs; protection for visual appearance of products , shapes, configuration ornamentation what it is made from and how it works. Trade Marks; logos, pictures, numbers, shapes, colours, scents and sounds that distinguish goods and services of one trader from another. Copyright; the original expression of ideas, original works of music, literature, films, broadcasts and computer programs. Plant Breeder’s Rights; protecting new varieties of plants. Confidential Information; trade secrets, manufacturing specifications, business and marketing plans, client lists and agreements with third parties. Know How; the application of tried and tested techniques or processes to new situations.
Intellectual Property, data bases, property-equipment-stock all have relevance to adding real business asset value. It is important to identify IP assets in your business , seek advice on protection available and the legal rights that constitute them in relation to all your products and services. Contact Melanie at Business Grow (a Redland City Council Initiative) 1800 282 208 for free business information on IP.
Posted by Rod Richards on 20 Jun 2010