If you are a small business owner with an idea, an invention or a
new product, you need to decide whether or not to create a
proactive intellectual property strategy.

What is Intellectual Property? It is any creation of the mind
and includes literary and artistic work, inventions as well as
symbols, names and images. It also includes any designs you use
in conducting your business.

There are two categories of Intellectual Property. The first,
Industrial Property, includes industrial designs (and geographic
source designations), inventions (patents) and trademarks.

The types of Trademarks are: Trademark, Service Mark, Collective
Mark, Collective Membership Mark, and Certification Mark.

The second category is Copyright which includes literary and
artistic works. Copyright protects the authors of novels,
poetry, films and plays and composers of musical works. However,
copyright also protects artists of paintings or drawings,
photographers, even sculptors or architects who have designed
specific buildings. Protection of Copyright is also extended to
performing artists regarding their performances and producers of
television and radio programs.

When Should You Think About Protecting Your IP Rights?

Intellectual Property has become big business—and protecting
yours can add considerable value to your company somewhere down
the road.

You should think about applying for the appropriate protections
if…

*you’re even considering going global at some point

*if you will be manufacturing your products in another
country

*if your business name, tagline, logo or other work is a key
component of your business, your brand or your operational
strategy

*if your product is something that is easily pirated and could
be manufactured in countries that are known for pirating

Many business owners think they should wait until their business
is established and they know that it’s going to succeed before
deciding to go ahead with IP protection. However, according to
the top IP attorneys, that’s a mistake that can be more costly in
the long run. It’s easier and cheaper to protect your rights in
the beginning than it is to be involved in a lengthy and
expensive court case, trying to reclaim what is yours, or defend
against an infringement claim.

Another reason many business owners wait is because international
IP laws are often unclear, and the laws themselves change often.
And there are differences in trademark systems in the U.S. and
other countries.
In the U.S., the system is based on use, not registration, but
many other countries have registration-based systems.

However, thanks to the Madrid Protocol, the process of protecting
trademarks has been streamlined and can save you up to 65% of the
filing costs.

Before the Madrid Protocol, you were required to file separate
applications for each country. Now, you can file for many with
one application.

Another problem faced by entrepreneurs is that there is a time
limit—12 months in fact, to file for international IP rights
after applying for a trademark or patent in the U.S.

If you want to protect your Intellectual Property, and increase
the long-term value of your business, consult a reputable IP
attorney now. Don’t wait until it’s too late.

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