Small businesses and the importance of intellectual property management
Small businesses need to protect their Intellectual Property (IP)
What makes it so important to be aware of Intellectual Property Abuse?
Many factors can affect a small business if they are targeted by imitators. These factors tend to be;
- Loss of Revenue
- Destruction of brand reputation
- Danger to consumers
What precautions can be taken to fight intellectual property abuse?
Several procedures can be used to prevent intellectual property abuse from damaging a business. This includes the following;
- File Trademarks: It is in a company’s interest to file trademarks in the countries in which they operate before the products are made available for sale. These trademarks are relatively cheap and easy to set up; they provide a crucial method for any company wanting to defend their brand.
- Secret Ingredients: If your products are manufactured with secret ingredients, this can help to create a unique brand which differentiates you from the imposter product. It can be of huge importance to give these the requisite level of protection.
- Keeping Informed: If business owners learn about, and keep up to date with, the different intellectual property abuse issues, new developments and recurring scams then it will be easier to spot imposters and prevent them causing damage to the business.
- Be Proactive: It is crucial to keep on top of this issue. If your business has been targeted by an imposter, you might try and buy a sample of the fake product to use as evidence that it was fake. It is then up to you to report the fake good on the website you found it on and by proving it to be fake, the link should be removed.
- Finally, it is important to make sure you do not infringe any existing intellectual property when developing your own product. Make sure to carry out thorough research on the current market of similar products.
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