Intellectual property, commonly referred to as IP, is that material which is created intellectually; such as inventions, designs, systems or even a great idea that has been recorded in a written format. Where it is traditionally a property which cannot be physically touched, bought or sold, it is without a doubt an essential asset for the business. Just as physical products, businesses should protect the intangible assets by carefully identifying and recording the various intellectual properties that the business owns; and protect the identified IP through the successful application of the business trademark.
By registering the business trademark, it empowers the company an exclusive right to prevent other businesses and individuals for using the intellectual property listed in the trademark without your express permission. Furthermore, it prevents competitors from imitating or copying your inventions, concepts or technology. With the company successfully registering a business trademark, it provides the businesses with the legal right to sell or trade the intellectual property, as well as license or franchise the intellectual property in an effort to generate additional revenue streams.
It is not only long standing and established businesses that need to protect their intangible assets with a business trademark, but newly formed and forming business need to protect their competitive edge in the market; in many cases, a business's intellectual property is often the single factor that differentiates the business or provides the whole basis of the business concept. For these reasons, it is essential that the company's intellectual property should be listed in detail with the process of registering the trademark application at the stage of developing the business plan.
A business plan outlines the resources and assets required for the venture to operate successfully in an ever increasingly competitive marketplace. It is essential that the basics are covered successfully in any new business venture and the business plan is where those thoughts, actions and aims are placed in a written form. It provides the business a blueprint for success and a guideline for how it is to implement the plan to achieve this success.
The creation of new knowledge, processes or ideas in the driving force behind successful businesses in the current market environment. For this reason alone, it is essential for new venture to explicitly cover and include the process of registering for a business trademark to protect the assets which provides the basis and conceptual foundation of the business.
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