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April 28, 2023

IP Protection is Not Just For Big Businesses

IP Protection is Not Just For Big Businesses

It is a common misconception that protecting IP is a practice of big businesses and not suited to small enterprises. While large businesses invest in IP for good reason, IP protection benefits smaller businesses too. 

In fact, according to the former president of the President of the International Federation of Intellectual Property Attorneys, there is “evidence that SMEs that apply for patents, trademarks or designs are more likely to grow quickly and succeed than those that do not.”

Patents files folder

Benefits of IP Protection for Small Businesses

Small businesses who have a unique brand, service, or invention may be vulnerable to competitors stealing their ideas. IP protection protects the works of small businesses but also other benefits including brand recognition, attracting investors, and revenue generation. 

Exclusive Rights

IP protection gives small businesses exclusive rights to their inventions, creations, and products. This prevents competitors from copying or stealing their ideas. Exclusive rights helps businesses maintain their competitive edge.

Brand Recognition

One of the primary reasons small businesses seek IP protection is to help build their brand. Registering a trademark can help businesses differentiate their products or services from competitors and establish a brand that consumers know and trust.

Attracting Investors

IP protection can make a small business more attractive to investors. Investors are more likely to invest in a business that has protected IP because it shows that the business has a unique selling point and a competitive advantage. Small businesses with IP protection can also be more attractive for acquisition.

Revenue Generation

Small businesses can create new revenue streams by licensing or selling their IP to other businesses. Carefully crafted licensing agreements can provide a valuable source of income for small businesses and help them grow and expand without having to raise more money from investors or lenders.

Types of IP Protection 

The type of IP protection required for an individual or business depends on the nature of the product, work, or service they are trying to protect.

Copyright

Copyright is a form of IP protection intended to protect provided to authors of “original works of authorship”.

Types of work covered by copyright include:

  • Musical works
  • Dramatic works
  • Literary works
  • Motion pictures and other audiovisual works
  • Architectural works
  • Sound recordings
  • Pantomimes and choreographic works
  • Pictorial, graphic, and sculptural works

Copyright owners have the exclusive right to reproduce copies of their work, authorize others to exercise exclusive rights, distribute copies of the work, and more.

Patent

A patent gives exclusive rights to an inventor of a novel invention. A patent provides numerous rights including excluding others from using, making, or selling the patented invention. Patent protection in the United States lasts for 20 years for design and utility patents and 14 years for design patents. Generally, the rights provided by a patent are only applicable in the country in which the patent has been granted. Global businesses often have patents in multiple countries.

Trademark

A trademark is a form of IP that protects symbols, designs, or words that can distinguish a source of goods or services. This refers to marks and symbols used to identify goods and services, such as the Pepsi logo. A trademark owner can be a business, an individual, or any legal entity.

PN Lawyers IP Services

The Intellectual Property group at PN Lawyers offers decades of experience in a range of legal services to safeguard your asset, including: copyright, trademark, patent, trade secret protection, licensing, and IP litigation.

Our attorneys have the specialized knowledge, experience, and skills necessary to navigate complex registration processes for a range of businesses and individuals looking to protect their work globally. 

IP protection is more than simply filing the requisite paperwork. Protecting your work involves proactive monitoring to identify when individuals or businesses are infringing. PN Lawyers helps our clients identify IP eligibility, obtain IP protection, and enforce that protection against infringers. 

Whether you are seeking IP protection for your first invention, or undertaking complex IP litigation, we can help. To get in touch with an IP attorney today, call PN Lawyers at 212-213-8511.

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