Many businesses rely on their proprietary data, product design and services to generate income. Without taking steps to protect vital intellectual property, a business could fall victim to impersonation and loss of revenue.
As described by Inc.com, sellers and online stores may protect their brands and lower the risk of competitors issuing copycat products. Submitting applications to the U.S. Patent and Trademark Office could help by providing copyright and trademark protection.
Copyright and trademark protection could stop infringement
Copyright protection gives its owner an exclusive right to distribute or reproduce the protected work. Businesses can copyright a variety of items they intend to sell, including those consisting of music, video or written text.
If you create a logo for your brand, you may also apply for federal protection. Trademark protection could stop others from copying your brand identity or recreating a logo to resemble yours. If a competitor creates a similar logo that causes consumers to confuse the competitor with your brand, you can file a legal action.
Federal protection may bring additional benefits
Startups lacking capital can use their intellectual property to receive higher business value appraisals and raise funding from investors. Investors performing their due diligence may wish to see proof of copyright and trademark protection. Businesses could also choose to license their trademarks or copyrights to others to generate additional income streams.
Brands, logos and slogans may all qualify for trademark protection. Based on the types and value of the intellectual property a business owns, a smart business owner should consider providing them with ample protection.