Business ownership requires many talents, but one of the most important foundations for any business is the development and growth of intellectual property. Too many people rush into business armed with a great idea, but don’t stop to consider the realities of how to ensure that idea is protected and positioned for effective long-term growth and exploitation. By considering your intellectual property requirements before entering into the market, you’ll be able to nurture that IP and maintain it, turning it into a revenue-generating product or service.
Of course, IP is only as powerful as the hard work that has it positioned for ultimate market success. Building a reputation for a brand and protecting it along its journey to success goes hand in hand. In the same way that you look to protect your child’s wellbeing and prevent any harm or danger from coming to pass, growing a brand require the same kind of careful forethought and attention to detail in preventing the occurrence of damage.
Registering your trade mark is the first step along the road to successful brand nurturing. However, it’s not as simple as just placing a trade mark on the register – it’s your responsibility to ensure your trade mark is kept current by paying the appropriate renewal fees every ten years and making changes to your trade make if and when it is required. You may also need to make changes to your trade mark, depending on the course of your business trajectory.
When it comes to the practical use and maintenance of your trade mark, there’s some simple practicalities to consider that will keep it in best shape.
CHANGE ™ to an ®
It’s time to acknowledge the truth – your little brainchild is all grown up. When using a brand name or logo as a badge of origin for your goods and services for the first time, the odds are high that this brand is still unregistered, so a TM in the upper right corner of the brand is an appropriate way to show the distinction of your brand from its competitors. However, once you’ve moved into official registration, it’s time to embrace the visibility of your brand’s registration by changing the TM to an ® – this tells the public that you’re aware of your now-registered trade mark rights and that you’re able to defend your intangible asset.
Keep it up to date
It should go without saying that your responsibility as a trade mark owner extends to ensure name and address details are still current, but you’d be surprised by how many people forget this simple fact. If they’re not, the Trade Mark office will be unable to notify you when it’s time to renew your trade mark filing.
Head on over to part two of this article to learn more about how to nurture and maintain your IP…
