IP Wealth – protecting ideas globally
If you have a business, intellectual property is one of the most valuable assets in it. So protecting it with the best shield should be the first thing you do. But surprisingly 80% of Australians don’t know what a trademark is, and many business owners fail to take ownership of their intellectual property.
IP, or intellectual property is ‘the application of the mind to develop something new or original’ (ipaustralia.gov.au). It’s the idea behind a brand, invention, design or any artistic creation and is protected with trademarks.
We spent 5 minutes chatting to Paul Holzberger from IP Wealth whose specialty is trademarking brands, and all the hard work poured into them. If not done correctly, or even worse, at all, trademarking or lack-there-of it could mean the end of your business – this is where IP Wealth steps in.
Why is intellectual property and trademarking so important?
“You can spend years building a business but if you don’t have the trademark, another company can register one in your name and stop you from trading with it. They can take your company name and web domain, and issue a cease and desist letter to close you down – and the chances of this happening are high.”
What are the consequences if things go awry?
“You will be forced to rebrand and trade under a different name, and all of your hard work will go to your competitor. Having a brand which is not trademarked is only a temporary right until someone comes along and trademarks it.”
What is your advice for protecting intellectual property?
“Be proactive - searching your company name before you decide to use a brand and registering a trademark should be the first step before you start your business, whether in Australia or overseas.”
Seek professional advice when lodging your trademark. Many trademarks are lodged without the advice of a professional and have so many holes they leave the brand exposed.
If you’ve been in business for several years and haven’t registered a trademark, do a search to see if you can actually own your brand. If you can, trademark it. If you want to sell the business down the track, this will increase the selling price because every buyer will want to know they can own the intellectual property with the company.”
IP Wealth is a Bartercard member and specialises in trademarks, designs, IP Audits and Diagnostics, and IP Education. They work with clients internationally and Australia-wide to reach the best intellectual property solutions for their business in a strategic, timely and cost effective manner making them the preferred intellectual property partner to hundreds of CEOs across Australia and internationally.