Biz growth with Intellectual property

HOW TO BOOST BUSINESS GROWTH WITH INTELLECTUAL PROPERTY

Intellectual property is the creation of the human minds, intellect and it is a direct product of the creative mind.

Intellectual property is also a class of intangible assets, and it makes up a very important aspect of business growth.

Major examples of intellectual property are trademarks, patents, geographical indications, patents, trade-secrets, and plant variety.

Making the Best Use of Trade Secrets

Trade secrets are mostly commercial ideas, concepts and models used in your business to generate value. The value it generates could be commercial, financial or it might be something that allows you to make a premium profit from a target market.

Every existing business has a trade secret, but sometimes, founders are too busy trying to put everything in place that they ignore regular audits to see what is working and what is not. Trade secrets will always be present, but the question is what are the best methods for protection and how can you make the best use of it?

1. Keep your business models and concepts secret to just a few and selected trusted employees or partners. This is for companies playing in highly competitive markets.
2. Have these few trusted employees and partners sign a commercial agreement that protects them from divulging sensitive data or information about your products to others.
3. Employ technological encryption and data security usage to protect sensitive information
4. Beware of sharing sensitive business information with the public.

Common examples of trade secrets are: unique business models, business process, recipes for food e.t.c

Making the best use of Trade-marks

A trademark is a registered mark, symbol, or words used to distinguish a product from another in the market. Once the mark, symbol or words are registered at the respective National offices for intellectual property, it becomes a registered trademark.

Here are some few considerations before you apply for the registration of your mark

1. Create a unique mark, sign, or symbol that expresses the idea or story behind your product. You can consult with a brand strategist or a skilled trademark lawyer before creating the mark.

2. Ensure that the word, mark or symbol is unique enough. The most unique trademarks are the fanciful ones. They are usually coined or fabricated and has no real meaning until it is created. It receives the broadest type of protection because the name is unique and never existed before. E.g Microsoft, Kuda, Nike, Savvy, Apple e.t.c

3. Hire a trademark lawyer to conduct a search to see if the mark, words, or symbol is not identical with another.

4. Have a definite plan for your trademark even before you begin the registration process. Create a strategy of how to use your trademark to gain new customers and foster brand awareness.

5. Create a financial budget for filing and renewals of trademarks.

Considerations after registration of Trademarks.

1. Use your trademarks in all your publications, adverts, social media handles e.t.c
2. Regularly educate your clients and employees about your trademarks and the dangers of counterfeiting
3. Use trademarks notices in labelling, adverts and on websites that receive high public exposure.

The over-all benefit of the trademark is that it protects the reputation of your business and ensures that no one uses the mark, words or symbol for business purposes.

Other considerations for Start-up owners and growing businesses are:

1. Every intellectual property that your business is creating should belong to it, unless there is a contrary agreement that employees become owners of new products developed by them.
2. Regular upfront reviews should be done by your marketing, product, legal and customer development team to find which intellectual property contributes to business growth and creates more opportunities for business success.
3. Treat your intellectual property rights as a currency and not just a technical document.

If you would like to get more updates, news, stories about how to maximize intellectual property for business growth, please subscribe to my newsletter. In my next newsletter, I would share tips on how to maximize patents and other types of intellectual property for business growth.

I would also share IP stories focused on how small business, large corporate organizations and creative agencies are using intellectual property to inspire change, build substantial businesses and promote social impact.

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Ololade Oloniyo (LLB, B.L, ACIArb, UK)

Intellectual property strategist.