5 WAYS TO PROTECT YOUR INTELLECTUAL PROPERTY
- Trademark your business or product name – Intellectual property includes artistic and musical works, designs, images, literature and software. These help develop brand recognition and customer trust in a specific industry.
- Avoid copying other brands – The United States Patent and Trademark office refers to copying as “likelihood of confusion.” This exists if your trademark is similar in appearance, sound, meaning or pronunciation to another trademark and the goods or services provided by the two companies are similar enough for consumers to mistakenly believe they’re from the same company. A trademark search is recommended before filing a trademark application.
- Avoid generic branding – It is easy to copy and steal a trademark that is generic. All logos or designs should have elements of complexity and detail.
- Include a comprehensive terms and conditions clause on your website, social media pages, mobile app etc. – This is where you outline the rules and guidelines others must adhere to in order to conduct business with you.
- Monitor your intellectual property ownership – The theft of your patent, trademark or copyright can have a negative impact on your brand, your share in the market, and your customer base. Monitor your competitors for any potential threat to your brand. Recovery from IP loss (if any) can take years and most businesses might not recover.