100% of businesses have Intellectual Property (IP). It’s a common mistake to think that IP is simply for start-ups and inventors, high-tech industries and big brands with a recognisable logo or strapline. Every part of your business from your business or product name, the branding and customer lists are all valuable IP assets and need protection.
Companies who fail to recognise IP as a strategic asset put their competitive advantage and profit margins at serious risk. By prioritising these assets and protecting them organisations have more opportunity to drive greater growth and financial success.
The current demise of the global toy brand Toys R US wisely protected all its IP and now that it is in the process of being sold even its trade marks, domain names, customer databases, Giraffe mascot, service marks and even trading names (of which there are three) are all assets with a financial value as part of its sale.
IP protection also helps prevent any other companies or individuals using what you’ve safeguarded as ‘your own’. When it comes to global brands Investors see this as a competitive advantage against any competition and know that protection adds brand value regardless of success or failure. Investors love low risk and this comes with having IP protection in place, meaning the probability of support increases.
Today’s fast-paced consumer world makes fake goods even more attractive to wanna-be con merchants and affects many sectors including beauty & healthcare, fashion, toys & gaming. Having protection in place doesn’t prohibit such issues, but it certainly reduces financial risk (back to Investors again!) and loss, as well as giving Attorneys the power to handle the removal of these goods from the marketplace.
Is your IP protected right across your business and in all the areas where you’re operational? If not, or you don’t know, speak to the no nonsense, straight-talking team at Wynne-Jones IP and we will without doubt be able to help.