Intellectual Property rights are critical for economic growth, especially in digital and knowledge economies. IP is particularly relevant to online entrepreneurs whose businesses exist in the global village that is not limited by borders and often are subject to laws of various jurisdictions, creating high risks of infringement. Protecting your intellectual property assets is essential for the success of your business, the longevity of your brand, and business expansion.
The internet and digital economy have enabled anyone to engage in e-commerce, from creating content to selling and purchasing all kinds of property digitally worldwide. On the other hand, E-commerce presents just as many challenges as it does opportunities. Digital entrepreneurs, therefore, have a lot to consider regarding exploiting IP benefits before launching their businesses online and during their trades.
IP tips to consider before launching your business online:
- Begin with IP in mind.
Most times, entrepreneurs focus on the tangible products of their businesses, meeting their customers’ needs and how to reach business milestones, all while forgetting the valuable intangible assets.
With IP in mind, it is crucial to commence your business, whether launching physically or online, by identifying your IP assets and developing an IP strategy to manage them properly. Every company owns a mark (trade or service mark), mostly known as a logo. This mark is displayed not only on the products’ packaging and other business items but especially on the various online platforms. This shows that almost every business launches with at least one registrable IP asset which should be protected.
In addition, it is beneficial to plan for other IP assets that might arise during the conduct of your business. Create a plan to develop IP assets that you can utilize to compliment your tangible assets.
- Identify and protect your IP assets.
Investing in your brand and ensuring customers can identify your products/services is essential for e-commerce success. Since the digital world is one global village, investing in your brand and protecting it from free riders is vital. Trademarks protect your brand and business identity and distinguish your products or services from firms in the same field. A trademark informs your customer of your product and represents your brand; therefore, it is essential to register your trademark before launching your business online.
Another crucial asset to protect is your creative work. Whether you are in the business of content creation or selling literary and artistic works, your online business utilizes creative marketing in the form of videos, artistic expressions, and other literary works. These expressions should be protected as a copyright to complement your brand and prevent infringement. Although copyright is automatic, registration is highly encouraged for proper management, identification, and commercialization.
Use the IP rights notifiers (© for copyright and TM for trademarks) as notice for your IP ownership.
3. Domain registration and ownership
Domain names are not intellectual property; however, they can be used to support your trademark and other registered IP. It is crucial that before you launch your business online, you ensure that your domain name does not infringe on any existing trademarks. Since physical boundaries do not bind e-commerce, conflicts sometimes arise between registered trademarks and domain names. Business owners encounter challenges with cyber-squatters who register domain names for businesses they do not own. Online entrepreneurs should register their trademarks concurrently while obtaining domain names to avoid infringing on existing trademarks. They should also monitor online activities to enforce any infringement of their registered marks and domain names, thereby protecting their IP physically and digitally.
Tips to consider during the course of your business;
4. Manage and maintain your IP assets.
It is also just as crucial that you maintain your IP rights by paying the necessary renewal/maintenance fees with your national IP office and any other IP offices in all jurisdictions where you have secured IP registration. Save for copyrights and trade secrets, and all other IP rights often require renewal until the term of protection expires. Failure to pay the necessary renewal/maintenance fees risks losing your rights.
- Use non-disclosure agreements.
The use of confidentiality agreements to protect your IP assets and ensuring e-commerce success through utilizing IP as a business tool cannot be highly emphasized. Most e-commerce entrepreneurs use influencers and paid partners in their businesses. Most of these partners are not hired under exclusive agreements; therefore, utilizing NDAs to protect your IP assets and strategies is essential.
- Monitor online infringement.
IP success depends on your IP strategy, business strategy, and proper IP management. Registering your IP assets guarantees you control of the use of your IP, but it is only through regular monitoring and maintenance that you can prevent infringement on your IP. Online infringement of IP is expected, especially for marks and copyright. Therefore, to benefit your e-business, ensure you regularly look out for violations and utilize the available enforcement measures. Failure to monitor online infringement risks diluting your marks and copyright infringement, ultimately affecting your business and brand.
- Employ an IP manager.
Every business needs to hire an IP management expert. Every business must maintain its IP regularly and ensure a clear IP strategy for registration, commercialization, and enforcement. Therefore, it is essential for every business to periodically reach out to an intellectual property expert to ensure that their rights are safeguarded and IP assets are maintained and adequately enforced in case of infringement.
These tips can help protect intellectual property rights and ensure your e-commerce business thrives long-term.
