Opinions expressed by Entrepreneur contributors are their very own.
Each entrepreneur has had that second of inspiration, when an thought begins to take form. Perhaps it is a new product, a intelligent app, a singular service mannequin, and even simply the right identify for your corporation. It is an exhilarating feeling. However here is the catch: concepts are simple to admire and even simpler to repeat — until you know the way to guard them.
Because the CEO of a world franchise model, I’ve had a front-row seat to what occurs when innovation meets actuality. Over time, I’ve watched companies soar as a result of they locked down their mental property, and I’ve seen others wrestle after they did not. So let me stroll you thru what I’ve discovered alongside the way in which, not as a lawyer (as a result of I am not one), however as somebody who’s constructed an organization the place defending innovation is not simply good, it is survival.
Associated: Contemplating franchise possession? Get began now to seek out your customized record of franchises that match your way of life, pursuits and finances.
What Is mental property (IP)?
Consider mental property (IP) as the key sauce behind your corporation. It is the identify you got here up with within the bathe. It is the quirky emblem that by some means simply works. It is your proprietary methodology for getting one thing executed higher, sooner, or smarter than everybody else. And it deserves safety simply as a lot as any brick-and-mortar storefront.
There are a number of major ‘flavors’ of IP, every serving a definite objective. A trademark protects your model id: your corporation identify, emblem, tagline, and presumably even a jingle if you happen to’re feeling notably inventive. Copyrights cowl inventive stuff: that killer weblog publish, your educational movies, your software program code. Patents? These are for innovations, large or small, from rocket gasoline to the rubber spatula. And commerce secrets and techniques? Properly, these are the hush-hush methods and processes you do not wish to depart your inside circle. Suppose grandma’s cookie recipe or a franchise model’s proprietary coaching guide.
Associated: ‘Ship a Man Subsequent Time’: How an Entrepreneur and Her Daughters Constructed a $2.5 Million Franchise in a Male-Dominated Discipline
Why IP is every thing
I get it. Whenever you’re launching or scaling a enterprise, your to-do record is a mile lengthy. However here is the factor: ignoring mental property can come again to chew you. I’ve seen companies spend years constructing a recognizable model, solely to find another person trademarked the identify first. I’ve seen advertising content material borrowed by opponents and product concepts replicated with out a second thought. It is not simply unfair, it is costly.
On the planet of franchising, mental property is every thing. Our proprietary applied sciences and techniques, coaching applications and digital instruments kind the blueprint for franchisees throughout the nation. With out specific protections in place, none of it will work. A franchise is barely as sturdy because the model behind it — and a model is barely as sturdy as its IP.
You do not must be operating a franchise to really feel the affect. Perhaps you are a startup founder pitching to buyers. If you happen to’ve acquired a strong product and no IP safety, it is a crimson flag. Perhaps you are launching a wellness model on Instagram. In case your emblem is not trademarked, you would be requested to vary it after you’ve got already printed supplies and constructed an internet site.
Associated: How I Survived My First Disaster as a CEO — And Rebuilt From Zero
Find out how to defend your concepts
Now, earlier than you begin spiraling, let me say this: you needn’t determine all of it out at present. However you do want to begin pondering just like the proprietor of one thing useful, since you are. Start by researching whether or not your corporation identify is already in use. If it is obtainable, examine trademarking it. If you happen to’ve invented one thing unique, discuss to a patent legal professional. If you happen to’re creating content material, make sure that you retain correct information and perceive the fundamentals of copyright. And if you happen to’ve acquired a secret recipe or an algorithm that drives your corporation, deal with it like gold: safe it, restrict entry and have workforce members signal confidentiality agreements.
Most significantly, get assist. IP legislation is nuanced and whereas I can communicate to it from a enterprise perspective, I am unable to supply authorized recommendation. (Here is the official disclaimer: I am not a lawyer. At all times seek the advice of with a professional mental property legal professional to guard your distinctive enterprise property adequately.) What I can say is that making this a precedence early on can prevent time, cash, and stress in the long term.
Entrepreneurship is a journey of constructing, brick by brick, thought by thought. However if you happen to do not guard what you’ve got constructed, another person would possibly swoop in and stake a declare. That is not simply irritating, it may be devastating to every thing you’ve got labored for.
At Anago Cleansing Techniques, we have spent a long time fine-tuning our enterprise mannequin and safeguarding the mental property that drives it. It is one of many causes we have been capable of develop, franchise, and innovate with confidence. You needn’t construct a world franchise to profit from that very same safety. You merely have to deal with your concepts as useful property, and take steps to guard them accordingly.
As a result of on the earth of entrepreneurship, the concept is only the start. How do you defend it? That is what turns it right into a enterprise.
Associated: Use These 4 Storytelling Methods to Develop a Loyal Following
Adam Povlitz is CEO & President of Anago Cleansing Techniques, a world franchise model specializing in business cleansing. The views expressed listed below are primarily based on enterprise expertise and don’t represent authorized recommendation. For issues of mental property, at all times seek the advice of a licensed authorized skilled.
Each entrepreneur has had that second of inspiration, when an thought begins to take form. Perhaps it is a new product, a intelligent app, a singular service mannequin, and even simply the right identify for your corporation. It is an exhilarating feeling. However here is the catch: concepts are simple to admire and even simpler to repeat — until you know the way to guard them.
Because the CEO of a world franchise model, I’ve had a front-row seat to what occurs when innovation meets actuality. Over time, I’ve watched companies soar as a result of they locked down their mental property, and I’ve seen others wrestle after they did not. So let me stroll you thru what I’ve discovered alongside the way in which, not as a lawyer (as a result of I am not one), however as somebody who’s constructed an organization the place defending innovation is not simply good, it is survival.
Associated: Contemplating franchise possession? Get began now to seek out your customized record of franchises that match your way of life, pursuits and finances.
The remainder of this text is locked.
Be a part of Entrepreneur+ at present for entry.
