As a small business owner, it’s critical that you protect your assets and your brand. While it may not be an issue in the beginning, your trademark and patents could become exposed to infringement in the future if you aren’t careful. By learning from recent legal rulings involving companies like Pom Wonderful LLC, you can better protect yourself from potential issues.
Obviously protection is important for business owners, but most aren’t aware of all the potential implications of not protecting trademarks, patents and intellectual property (IP). According to Stopfakes.gov, a government resource for information on intellectual property rights, U.S. small business owners are at a significant disadvantage when it comes to IP protection, “because they may lack the knowledge, expertise or resources necessary to prevent the theft of their ideas and products.” The website goes on to mention that only 15 percent of the small businesses that conduct transactions overseas even know they need to file for additional protection.
But looking beyond IP protection, it’s also shocking to realize that many small businesses don’t have proper protection for trademarks and physical products. Domestically, this can cause unnecessary disputes and may lead to legal proceedings.
One recent example of how complex and confusing trademark protection can be occurred this past December when Pom Wonderful, a pomegranate juice maker, won its trademark infringement case against rival “pŏm.”
The issue was over whether or not the word “Pom” justified a trademark. Each side took a different stance: pŏm representatives claiming that the term has become generic, and Pom lawyers saying it’s an infringement on their existing trademark, with the court ultimately siding with Pom.
According to Joseph Klapach, a Pom lawyer, “This is an important ruling that will protect trademark owners and consumers alike.” However, the lengths at which Pom had to go to protect their trademark should show small business owners that you can never be careful enough.
As a business owner or entrepreneur, are you confident that your assets are properly protected from potential infringement? If not, you may find yourself in trouble in the future. According toSoCalAdvocates.com, a lack of protection could eventually lead to long legal battles that may end up leaving you bankrupt and out of business. With that being said, here are a few tips for staying safe and secure:
Your business is your livelihood and you can’t afford to lose it over a lack of protection. Much like you invest in security features for your home, you should invest in protection for your business. This means developing a strong trademark and actively monitoring your environment. If Pom’s trademark bout taught us anything, it’s that you can never be protected enough.
This article was written by Business.com from Business2Community
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