Imagine building your own bike rack because nothing on the market works for you. Then, your friends and family notice it and ask you to make one for them. Soon enough, you realise there’s a business opportunity here and you start making more and selling them online.
While you’ve had your hands full fulfilling orders, an established bike manufacturer spots your project, has their in-house team replicate it and patent the design. They sell the product you invented under their brand to the mass market . What recourse, do you, as a small business owner, have? The answer is: nothing – unless you protected your idea when you first developed the design .Too many new entrepreneurs ignore the matter of intellectual property thinking it is an expense they can’t cover, or that it’s unnecessary as no one will steal their idea. But, registering your intellectual property not only prevents copycats, it also makes your business more appealing to investors.
Source: News Formal (newsformal.com)
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