RSS feed Get our RSS feed

News by Topic

BizReport : Internet Marketing 101 : September 04, 2020

Protecting Your Intellectual Property Is Even More Important During a Pandemic

The pandemic has made the need to protect your intellectual property even more important.

The COVID-19 pandemic needs no preamble, nor does the fact that we've been enduring its effects for the past several months. While many communities have begun to show signs of recovery around the world, the economic damage that the pandemic has brought is still being felt and may become worse.

Just as the pandemic revealed how some governments are pitifully ill-prepared at handling a crisis, it has also revealed the beautiful resilience that many people possess. In an attempt to give themselves the best chance of survival, many people have opted to take their chance at starting a business venture.

Most first-time business owners are bound to overlook this essential detail, not out of carelessness, but rather because it doesn't immediately seem as important as other business-related aspects such as marketing and sales. The truth is that the pandemic has made the need to protect your intellectual property even more important. Here's why:

Increases In Internet Use

Community-wide lockdowns mean that most people are confined within their homes. It's not a surprise that the use of the internet is bound to spike, especially when we consider that we've always been reliant on the internet even before the pandemic hit. The difference now is that the internet is what allows us to address important things without leaving the safety of our homes.

Whether it's in the form of online shopping, online classes, or even something like paying your bills, the internet has become a need, rather than just a convenience.

The Number of New Businesses

The increase in internet use has paved the way for many businesses to come to fruition. However, this isn't always a good thing, especially if you're unable to secure intellectual property rights for your products. With so much internet exposure, it's going to be easy to mimic a product and to sell it. If there's one thing that's worse than having someone else make a profit out of your hard work, it's having a counterfeiter mar the reputation of your brand by producing sub-standard replicas of your products.

The Increase In Counterfeiting and Plagiarism

As previously mentioned, not only will a counterfeiter or a plagiarist make money out of your work, they may even hurt your brand. Because these are difficult times, we should be aware of the fact that people are bound to be more desperate, and that they're bound to try anything in order to survive.

Finally, we have to consider the rate at which technology evolves. As we all know, technology is rapidly evolving and the next big development is almost always just around the corner. Even when you're able to make the next big thing, if you're unable to secure the intellectual rights to your product or design, someone else will.

So, with this in mind, it's important to secure your intellectual rights. It may be intimidating for first time business owners, but as with all legal matters, hiring an Intellectual Property Lawyer is a great way to ensure that things get done properly.

Image Source: Pixabay


Subscribe to BizReport



Copyright © 1999- BizReport. All rights reserved.
Republication or redistribution of BizReport content is expressly prohibited without the prior written consent.
BizReport shall not be liable for any errors in the content, or for any actions taken in reliance thereon.