A business-oriented overview of IP law
The brand value of your business can be the determining factor in its success. As such, investment in protecting your brand value can have a direct impact on potential future earnings. However, approaching this type of investment can be challenging, since it is difficult to gauge the return on investment of certain intellectual property assets. In this article, we will look at how IP law can help you protect your brand value and grow your business.
Establish Your Brand Value as IP
Intellectual property is an intangible asset, and it can be more valuable to your business than your tangible assets. Protecting your IP assets requires extensive knowledge of how IP rights work in your favor. From when you first start your business, it is imperative to protect your brand value as intellectual property by using trademarks, patents, copyrights, and trade secrets. When expanding on your IP portfolio, simple mistakes in capturing and managing these assets can become costly for your business.
For example, the trademark searching process can be difficult, and it can become costly. The time, resources, and knowledge required to carry out a trademark search should not be underestimated. As we recently discussed, the cost of trademark searching and other associated costs with this process can be reduced by seeking expert help.
It is important to establish your brand value through your IP assets as your business grows. However, the growth of a business can mean that its trademarks, patents, copyrights, and trade secrets become more valuable. This means it is more likely to be copied and counterfeited by competitors. For this reason, it is important to consult with IP law experts when drafting your trademark, patent, and copyright documents as they can help to adequately protect your assets from an early stage.
Protect and Grow Business Valuation
When determining a valuation for your business, whether it is for a merger, acquisition or investment, the value of your brand will always play a key role. For most businesses, brand value is protected and enhanced by IP assets. Your business will need to prove the value of its IP assets and that those assets are adequately protected. It is important to seek expert advice, so that you fully understand your IP rights, and save time, money, and resources in these situations.
At this point, we reach the challenge that every business with IP assets faces: how do I value an IP asset? Understanding the valuation of an asset is relevant to how you invest in protecting it, since an asset may not directly bring income to your business, but it can still be a valuable addition to your portfolio. This is where an IP law consultant can help you save money while mitigating risk. They work with you to align your core business strategy with your IP portfolio, so you can protect the IP assets that matter most to your brand value without overspending on protection.
Strategic Advantage by Exclusion
As mentioned earlier, IP assets can be used to protect your brand value, whether you plan to actively use the asset or not. Although many businesses will register IP assets to make them well know, they also register some assets to remain unknown. For instance, if you want to limit the ability for others to enter the market with similar branding, products, or other aspects of your brand, you can develop an IP strategy that works to exclude potential competitors from entering the market.
A competitive exclusion strategy means that your business may need to own an IP asset does not directly contribute to your revenue; its value is gauged by its ability to prevent your business from losing potential revenue to competitors. Working with an IP law expert can provide you with crucial knowledge and information from an external perspective, which can provide you with a strategic advantage and prevent potential losses.
The value of your brand can depend on how well you protect your IP assets and how you align them with your business strategy. Ensure that you have the knowledge and expertise you need by consulting with a specialist in IP law, so you understand your rights in different situations and align your strategy with your most valuable assets.