5 Common Intellectual Property Mistakes That Cost Millions
The costs associated with the loss of IP for many businesses run into millions of dollars annually due to these mistakes. If you do not protect your ideas, setting up a small startup or developing a brand can prove very costly. Here are five mistakes you probably are guilty of and what to do about them to incur the least possible cost.
1. Forgetting to protect your idea
The excitement of developing something new, whether a logo, a product design, a brand, or even a name, can be overwhelming. You can lose the rights to it if you do not act straight away to protect it. Failing to protect and delay the filing of a patent, trademark, or copyright can make your business very vulnerable.
A trademark consultant can identify the most urgent protective measures. They can guide you in the protective process. Engaging in this sort of advisory IP protection can save you in costs, time, and frustration in the long run.
2. Failing to Check for Existing Rights
It is sensible to check to see if someone else owns similar businesses or products before starting a new venture. Many people make this mistake and are faced with costly lawsuits or expensive rebranding downstream.
Trademark advisors conduct the necessary searches. They determine whether your business idea is indeed unique. A little due diligence can save you from a potential disaster. It is a strategic plan for the patent consultation in a business.
3. Misconceptions About the Scope of a Single Registration
People assume they own full ownership and protection once they register a logo. Unfortunately, this is a misconception. Each legal form of intellectual property—patents, trademarks, and copyrights—protects differently.
For example, your business name is trademarked, but the design of your product is still not protected. An IP attorney, not a family law services attorney, will greatly assist you in this area. They can clarify the nuances of the different types of intellectual property protection.
4. Failing to Adjust Protection as You Mature
Changes to a business are inevitable. You may add new features to your existing products, enter new markets, or create a new logo. In these instances, your old protection may no longer be enough to cover the iteration.
5. Not Considering Protection in Other Countries
Your business is no longer limited to your local area if you offer products online. If you do not protect your brand or product in certain areas, someone from another country can legally copy it.
A trademark advisor and patent strategist can help determine where to start. A trademark or patent protection is required for your business to operate internationally. It will allow you to protect your business and your ideas from competitors.
Final thoughts
Evading these errors requires little effort. Most of it is simply being mindful and planning. They assist in identifying the little things.
Your thoughts are worth a lot. Safeguard them as you would valuable assets.