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The seven intellectual property assets you should protect at all costs

Knowing about the best protection measures for your intellectual property assets can help prolong your creative ideas.

Cheshta Mann Jun. 30, 2021 4-minute read

Your business idea can be worth a million dollars, and that’s why it should be protected from being misused or stolen by hackers or even your competitors.

The intellectual property (IP) assets of a business are as valuable as its tangible assets. They can be a product design, your business name, website content, or anything that’s new, unique, and innovative. To ensure that no one can copy or steal your creative idea and reap unethical benefits from it, you can register for several IP rights including copyrights, trademarks, patents, trade secrets, and industrial designs.

Protecting your business idea may be a little expensive, but if you see the bigger picture, you’ll remain the owner of your idea for many years. So, take it as an investment that’ll provide you with a sense of ownership and generate prospective revenues. Otherwise, you might have to pay more amounts later in the process of proving that it’s your idea and not someone else’s.

Not all IP assets require a similar kind of treatment in terms of protection. So, let’s have a look at some commonly used yet valuable IP assets and different ways of securing them in the long run:

1. Business name

Your company operates under a business name. And if you’re selling unique products and services under your business name, then it will also act as your trademark.

Having your business name registered doesn’t translate to receiving trademark rights by default. Instead, it involves following a formal process of registration Opens in a new window.. Upon being registered, your trademark will remain active for a minimum time period of 15 years and can be renewed thereafter depending on the usage activity.

2. Brand names or logos

Just like your business name, your brand name or logos also needs to be protected with a trademark Opens in a new window.. You can protect your brand with a trademark — which is a combination of letters, words, sounds or designs that differentiate your company’s goods or services from market competitors.

You can receive exclusive rights and control over your brand name for the next 15 years after you’ve applied for your trademark with the Canadian Intellectual Property Office (CIPO) Opens in a new window.. In case you plan to use it beyond 15 years, you can opt for renewing your trademark.

3.Exclusive products

If you’re all set to launch a unique product or service, then don’t forget to apply for a patent Opens in a new window.. Or you can register for an industrial design Opens in a new window.. Once the patent is granted by CIPO, it allows you to be the sole inventor of your product and stops competitors from making, using or selling your inventions. Industrial designs are granted for new and unique products that are appealing to the eyes, for example a unique pattern on a piece of clothing, or a distinctive colour or shape of a new computer.

While a patent is feasible for products involving innovative functionality, an industrial design works well for products with unique packaging or design. Once you’ve obtained the patent, you don’t have to be worried about your competition stealing or copying your innovation for up to 20 years. If you opt for industrial design, no one will be able to copy or use your ideas for the next 10 years.

4. Inventions

As inventions help gain first-mover advantage in the industry, and if their new product is useful and inventive, business owners should consider applying for a patent Opens in a new window.. Inventions may vary from brand-new products, processes, equipment to compositions.

Inventions also apply to updates on existing products, processes, machinery, or composition, so if you’re giving your products a refreshing touch, consider filing for a patent. You can receive a patent for up to 20 years for both new and upscaled products.

5. Software

Business owners, who have created software from scratch should protect their work from being misused by registering for a copyright Opens in a new window.. Assuming you’re the creator of the software, a copyright gives your work or original coding information protection for “life of author”, plus an additional 50 years.

CIPO provides a certificate that the original creator can use to prove ownership of the product. In addition, any changes made to the current software can be protected through a patent for the next 20 years and renewed, if required. So if you’ve been contemplating building that new smartphone app for your business, make sure to apply for a copyright.

6. Website content

The pandemic taught us the importance of having an online presence for connecting and engaging with key audiences. Having a well-designed website and creating compelling content like articles, videos, or podcasts can help you attract a larger audience, but protecting your content is also important. Protecting your original ideas and stories online through copyright is not only possible, but will prevent others from copying them.

A copyright not only entitles a creator to use the content in the best possible manner, but also gives them the authority to sell their content for a better price.

7. Secret formulas

A secret formula, which is profitable as long as it remains a secret is generally referred to as a trade secret Opens in a new window.. One of the most famous trade secrets is the Coca-Cola formula. While there are no formal registration processes involved for preserving trade secrets, a business can still focus on maintaining the secrecy of information by implementing strong security measures within the organization. This can be in the form of non-disclosure agreements, encrypting valuable data, creating strong passwords, and storing crucial data at a secured physical location.

To take it a step further, business owners can also patent a secret formula of ingredients, that can be applied for a maximum of 20 years from the date of registration.

To create a tailored plan for your business needs and help you achieve your goals, meet with us Opens in a new window.. We’re here to help. Talk to a CIBC Business Advisor today by calling 1-866-992-7223 Opens your phone app..

Written by
Cheshta Mann

Cheshta Mann is a freelance writer based in London, Ontario. She works with a diverse range of clients across industries. With her financial background and a seven-year writing tenure, she takes pride in supporting content development for CIBC. Cheshta is also pursuing her career in the accounting field.

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