Intellectual property. The not physical thing you own in the physical world.
Intellectual property is the official ownership of an intangible asset. Registration of a trademark, patent or brand. Although it is a non-physical good, owning this in the physical realm can help protect your business from competition.
– Think of the value of the Coca-Cola symbol.
Why it is good
– Owning your brand, and any associated intangible assets is a good way to ensure no one can come in and take advantage of your hard work.
Why it is bad
– It can be simple to obtain, often simply claiming rights, and openly publishing ownership is enough. But there can be a lot more to it, and that requires higher levels of cost.
– Intellectual property law is complicated. If you have a concern or questions consult an expert.
How you can succeed
– Ensure that your claim to your brand, and any IP is legitimate and original. – Don’t base your business on someone else’s patent without getting their permission, also, don’t name your business the same as someone else’s. Do your due diligence.
– If you have a unique product or process that can be patented do so. Not just because it is important to you, but because it may be to someone else.
– If you are going to hire an attorney, consider geography, their expertise may be the same, but their costs may be cheaper
– If you are going to file, do it before someone else does.
– Don’t forget to consider international competition
– IP, includes your brand, lock it in, with your website, website variants, and ™ / Register logos, or any other potentially valuable IP. The sooner you do, the less you need to worry about competitors. Remember that these intangible assets are valuable to your brand and your business.
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