What would you do if someone came along and opened a business with the same name or something very similar? Unless you have protected your business name, there’s not much you can do about it.
Imagine all your hard work, long hours and dedication may be in jeopardy.
Perhaps you have registered your business name and you think you’re protected? Think again.
Understanding how to protect your brand can safeguard your future. Your business name, logo and tagline are all forms of intellectual property (IP).
Types of IP
- A Copyright that protects artistic, literary and musical works
- A Patent protects inventions and innovations
- Registered designs that protect the appearance of manufactured products
- A Trademarks protects brands, logos and slogans, etc.
Australia’s IP Landscape
According to the Australian IP Report 2022, last year, the number of patents, trademarks and designs filed in Australia reached a record high with a growth of 11%, 9% and 13% of respective applications. The COVID-19 pandemic has seen Australia shift to a virtual economy where people invest more into home improvements to make their work-from-home setting more comfortable, and companies have no choice but to digitise their operations. In 2021, the most significant rise in trademark applications (+28%) was for kitchenware and household goods while patent applications soared by 85% for audiovisual technologies.
Registration of a business name or company does not, in itself, give you proprietary rights. You don’t own the name and won’t be able to prevent others from using it.
A business name is your trading name only. It should be registered in each state you are operating in. A trademark identifies your product or service and distinguishes it from similar products or services of other trades. It gives you the legal right to exclusively use or control the use of the trademark for particular goods or services.
Learning how the legal land works when it comes to IP is worth the investment of your time, after all, without your brand, what do you have?
A couple of examples:
The two smartphone giants Apple and Samsung put a seven-year legal battle to rest in 2018 after Samsung was legally ordered to pay Apple a whopping $539 million for infringing on its patents, including copying design features like displaying icons in a grid.
An NSW clothing company Tsubi, registered its trademark in Australia to protect its rights. It then began using and promoting its label internationally. A legal battle began with a shoe company Tsubo, who owned the registered trademark in the USA, with a resulting decision that Tsubi had infringed the trademark rights of Tsubo by using a name that was “deceptively similar”. At a huge expense, Tsubi was required to re-brand for the international marketplace.
Online companies need to be careful too. A small Sydney swimwear company “Absolut Beach” was sent into liquidation when it had to close their internet business after Vin & Spirit, the makers of Absolut Vodka, sued the brand for the domain name and trademark infringement.
There is a lot to learn, but getting your head around what you need to do to protect your brand could be the best investment you’ve ever made.
If you would like more information, check out www.ipaustralia.gov.au