As an online business owner, you’re likely creating something unique, or at least an exciting new version of something already out there. But beyond just coming up with those amazing and creative ideas, it’s important to make sure that your ideas are protected and no one takes credit for your work. So, how can you protect your intellectual property (IP)? Let’s dive into the basics of IP protection and what you need to know.
What is Intellectual Property?
Intellectual property (IP) is any creative work or invention derived from the mind, such as music, images, writing, software code, designs, processes...the list goes on! Different types of intellectual property may require different forms of protection, but the goal remains the same: ensuring that credit for the idea remains with its creator. The last thing you want is for someone else to take credit for all of the time, talent and energy you put into bringing your idea to life!
Why Should I Protect My Intellectual Property?
Protecting your intellectual property is important because it prevents others from taking credit for your hard work and benefiting from it commercially (ie making money from it!) without your permission. It also adds value to your business by giving customers a unique experience they won't find with any other business. Additionally, when you register trade marks or protect your copyright through solid contracts, on original works associated with your business name or logo, you further solidify brand recognition and build customer loyalty. This in turn can increase profits over time since customers will keep coming back for more! How good does that sound?
How Do I Protect My Intellectual Property?
There are a few ways to protect your IP
Trademark registration – a trade mark is a way to differentiate one business’ set of goods or services from another business’. Registration protects logos and slogans which have become associated with a product or service, keeping copycats at bay and also giving you free reign to license your goods or services for commercial purposes. For a deeper dive, check out Trademark v Copyright: What’s the difference?
Copyright protection – this automatically exists upon creation (how cool is that?) – copyright provides creators with the right to exclusively control and use the original work they have created. Copyright protection can apply to original creative works like music and literature by using solid contracts, website terms and conditions and other legals.
Trade secret protection – this is where you have something that is commercially valuable and kept secret, only a small number of people know about it, and you protect it through a mix of confidentiality agreements and other contracts. e.g. coca cola recipe/KFC recipe are all protected through contracts like NDAs, employment contracts and the like.
Trade secret protection applies to any confidential information related to a product or service that provides an economic advantage to its holder. Capiche?
Protecting your intellectual property is essential if you want to maintain control over how it's used and benefit financially from it in the long run. It starts with understanding exactly what IP is—any creative work or invention derived from the mind—and then determining how best to protect it through trade mark registration and copyright protection through contracts, trade secret protection or some other combination that works best for you and your biz.
Consulting a lawyer who specialises in IP law can help ensure that all bases are covered when it comes time to protecting those valuable ideas! Oh, hello that’s us! Got questions? Just book in a call.Get peace of mind knowing that no one else can take credit for what’s rightfully yours!
***Disclaimer. Please read!!***
This article is for general information purposes only and should be used solely as general guidance. It does not and is not intended to represent legal advice or other professional advice.
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