Get Protected and Grow Yuh Business with Intellectual Property (I.P.)
Author: Lisa Douglas-Paul
Allyuh, be honest. When it comes to getting down to business, when is the last time you thought about using protection? Ummm hello, get your mind out of the gutter eh. 👀
We talkin’ bout Intellectual Property (IP) Protection here.
So, we’ll deal with various examples of intellectual property from our Caribbean context next time. But for now, here’s what we mean by protection. The four most common categories of intellectual property protection rights are: trade secrets, copyrights, trademarks and patents.
Intellectual Property (IP) protection is one of the steps that many new businesses tend to duck but it is also the most important step in transitioning your business into a global brand. So what is the scene with IP and why should you get down with IP protection for your product or service ASAP?
Well, simply because everything that is unique to your business is protectable. At the end of the day, IP is basically a creation of the mind. IP Protection can take many forms and has so many applications that yuh could get it for the chip in your phone or even tantee’s special secret green seasoning recipe. At the end of the day getting IP Protected is essential for growing businesses. Here is why:
No Copycat Vibes Allowed –imitation is the best form of flattery, but as businesspeople, we don’t want that kind of vibes. Believe it or not, there are many who will not stick to profit off of your successful idea by copying your brand or the most successful element of it to make some dollars. Using traditional IP tools like copyrights or patents can make it less easy for them to do so.
Increasing Brand Value – If you’re looking at ways you can take your brand to the next level without exhausting existing or potential production resources, using IP tools like geographical indicators or even patenting novel aspects of your process can allow you to increase the cost of your product of your service by as much as 40%.
Diversify Revenue Streams – for established brands that are seeking to branch out, IP increases the options for growth by opening up opportunities to license your brand to other businesses who can use it while you go on to launching other business ideas and projects.
If you’re not sure what you can protect or how you can protect it, the World Intellectual Property Organization (WIPO) has an amazing IP Assessment Tool which is 100% free and can help businesses get on track in getting the protection they need.
At the end of the day, you don’t want every Tom, Dick and Harry taking up your business idea and running down the road with it. So stop them in their tracks one time with that IP…eh hem…Glove Love. 😜
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