We recently invited Joanna Oakey, Director of Aspect Legal to a webinar on the topic, ‘The Legal Challenges of a Growing Business’
Here’s what he said -
Clients may not realise how much value sits in their intellectual property. You will realise how much value sits in it when someone tries to take it from you, when a competitor uses a similar brand, or if you receive a cease and desist action for a mark that you've used for years and years.
We had a client that had been using a mark for 14 years that they received a cease and desist letter in relation to the use of their mark and ultimately, even though we found a way through for them, it was going to be really expensive. So they ended up changing their whole brand after 14 years. Don't think time will necessarily save you if you haven't got a trademark protection in place.
If a staff leaves with the intellectual property, that's another time the businesses suddenly realise how important their intellectual property is. So don't be one of these business owners who is forced to recognise the value of it because it's been taken away or threatened.
Recognise it from the beginning and recognise it as the value that it is and ensure that it's protected. There's a whole heap of different ways to protect intellectual property in your business. Some are just the practices that you put in place in your business.For trademarks, you can get a registered trademark and that forms a protection for you, but other areas are just things that you can do in your business. But make sure they're in place and you understand how to protect that value and that is in place.