Anyone who owns their own business understands the basic principles of investing. You are putting resources (money, time, assets) into some kind of trade, to gain something back, often more resources than what you put in. This can apply in aspects you may not always realize.
Some people work countless hours to learn, train and practice to be able to evaluate a business and all its facets and decide whether the resources put in can yield a profit.
A modern reality TV depiction of this practice can be seen in a nationwide watched TV show, Shark Tank.
If you’ve seen the show, you know some of the most common questions to come from Mr. Wonderful’s mouth are “Do you own the intellectual property here?” “How’s your advertising?” “What is to stop me from going out and making/doing this myself?”
Anyone can say the intellectual property is important, however, if you think about how common the question is for an investor who knows his stuff (Kevin O’Leary is estimated to worth over $400 million), you can probably bet that you should know the answer to these questions when it comes to your business.
Read those questions again and boil it all down to this idea: A brand.
Your intellectual property could be the backbone of your business. Whether it is a catchy name with a slogan, your copyrighted media that gets clients, or a patent on your best-selling product, your IP separates you.
What separates you from competitors? Why is your product/service better? How do people remember you are the best in the world at what you do?
Your ideas, your presentation, your brand is embodied your name, product, design, etc.
If multimillionaires happen to seek to invest in your business, they want to know that you’ve also invested in it. Properly securing your intellectual property rights is part of that territory. Business in a capitalist economy encourages unique ideas and basic competitive business practices.
Some businesses obtain financial backing primarily because of the brand built. The investor might like the message of the advertisement or the look of the packaging, and that could be a factor in whether the business can survive. If the investor has these thoughts, consumers generally tend to have similar ones.
Let’s say a business owner invests their entire life savings into an idea and a quality product. They sell said products locally, and they are a hit. Now, let’s say a competitor launches practically the same product 6 months later of equal quality, and it’s wrapped in a beautiful package, has a sleek logo, and has a catchy jingle played on TV. Any bets on whose product does better and sticks in consumers’ minds?
There are countless debates on what method of marketing is the most effective, and that is a topic for another article, but whatever your marketing strategy, whatever your style, business’ branding and intellectual property hold power in commerce, protect that power to retain your edge.
Contact Eden Law and ensure that the aspects of your intellectual property surrounding your business are protected, Eden specializes in trademark and copyright registration and litigation.
So, if/when the sharks come calling, you’ll be ready.
Written by Christian R. Dudley
