Women, intellectual property in digital age
ANote from the ZNCC
S a woman in business, you have worked hard to create your brand, your products and your services. However, in the digital world, intellectual property theft is rampant. Protecting your intellectual property (IP) is not only important for the success of your business but also for safeguarding the value of your ideas and creations. In this article, we will discuss the benefits of protecting your IP in today’s digital world.
What is IP
The term IP is used to describe the output of different categories of intellectual activities which qualify for legal protection and registration under the national laws of Zimbabwe.
This IP includes assets such as copyright which automatically arises in relation to literary and artistic works such as product manuals, photography, music and crafts; trade secrets for food, beverage, cosmetic and industrial products. It also includes industrial designs for the aesthetics of consumer goods such as textile designs, household goods and kitchenware; and patents for innovation in areas of technology such as pharmaceuticals, construction, agricultural equipment and green technologies; and trademarks for business products and services such as food products, beverages, educational and professional services.
An assessment of the different types of IP that are located in a woman’s business, knowledge of the person who is deemed at law to the creator of that business asset, and the legal procedure which enables the business woman to own that IP asset, protect it, register it and enforce the legal rights which attach to it is very important if the business woman is to gain the full rewards of her business acumen.
Legal protection
When you protect and register the IP in your business, you obtain legal protection against infringement. This means that if someone copies the IP in your products or services without your permission, you can take legal action against them. The legal action can be criminal or civil or both, and necessities a financial budget for such enforcement measures. This gives you the power to protect your brand and your business from those who might seek to exploit your hard work without your consent.
Competitive advantage
A woman who develops, protects, registers and enforces the IP in her business, develops a competitive advantage against her business rivals. IP assets such as copyright, trade secrets, registered trademarks, industrial designs and patents can distinguish your products and services from those of your competitors, enabling you to build a stronger, more recognisable brand. Having a unique selling point can attract customers to your business, increasing your revenue and your profitability.
Licensing opportunities
The protection and registration of your IP can make it more attractive to potential licensees, who may want to use your IP in exchange for the payment of royalties. Licensing agreements can help you generate additional revenue streams, expand your business reach, and increase your visibility in the market. Similarly, operating a business which has valid and enforceable IP rights makes it easier to attract investors who may be willing to inject funds and resources into the business to expand the same within the domestic market and across borders.
Positive reputation
The creation and registration of the IP in your business needs to be matched by preparedness to act against infringers of you IP. This is important to guard against the incalculable damage and prejudice that can be caused by counterfeit goods which are passed off substandard goods as your product. By protecting and enforcing your IP, you are demonstrating that you take your business seriously. This can give customers, investors, and partners confidence in your ability to provide quality products and services. This, in turn, can help you build a positive reputation in your industry, which can lead to increased opportunities for growth and collaboration.
Innovation and creativity
The passion and zeal the woman in business has in developing new products and services can only be sustained and maintained if her IP is protected from copycats and she is able to reap the full rewards of her IP assets.
The creation and protection of IP assets has a financial cost to the business which can only be monetised if the IP is successfully exploited, protected and enforced. Protecting your IP can help you maintain your focus on innovation and creativity.
Knowing that your IP is protected allows you to concentrate on scaling up your business, developing new products and services, and exploring new markets. Protecting your IP also helps you to explore other areas of innovation that can increase the value of your business and set you apart from the competition.
In conclusion, protecting your IP is essential for women in business. It safeguards your unique ideas and creations, secures your legal rights, improves your competitiveness, and enhances your ability to generate new revenue streams. By taking the necessary steps to register your intellectual property, you can create a strong foundation for your business in the digital world.
◆ This article was prepared by The Zimbabwe National Chamber of Commerce for Business Weekly