For many small business owners, intellectual property and other complex legal topics only bring fears of expensive lawyers and other fees. Because of this, many owners tend to ignore such topics, which can be detrimental to your business in the long run.
In a recent article in the New York Times, common fallacies about intellectual property were addressed and corrected. Because the Internet allows international commerce and competition so easily, it is imperative to understand intellectual property.
Here are some of the myths (and corrections) about IP from the New York Times.
1. “For small-business owners, it’s not worth the time or effort to secure intellectual property rights.”
Aside from a patent, there are many other crucial IP rights to look at. Trademarks, trade dress, and website addresses are a few that can save your business if someone tries to infringe or copy your product.
2. “Once I get a trademark, my brand is safe.”
A trademark is something that is necessary for a unique product but it is important to secure your website URL before you file with the United States Patent and Trademark Office. You want to ensure every avenue for your product (website URL, email address, etc) is secured before you hand over your trademark application.
3. “If I have a patent or trademark in the US, I don’t need to worry about the rest of the world.”
Depending on your business operations, it may be wise to look into patents and trademarks in other countries. If you think that you will likely sell or produce a product in another country, then you should look into their intellectual property rights process.
If you plan on having sites in other countries and in different languages, you will need to obtain country-specific URL’s.