Protecting your ideas and products is crucially important to business success, otherwise your special advantage in the market is wiped out.
Monique and Dannielle from B.Box export their baby and children’s products to many countries around the world, making protecting their intellectual property an ongoing part of their business.
“One of the best pieces of advice we received was to trademark where you manufacture, because then you can stop it at the source,” Dannielle Michaels said.
“We thought China would be hard, but we’ve been amazed at how easy it is to track down trademark infringement.”
But while protecting your IP is important, equally important is about building the brand and brand reputation.
“Someone will be inspired by a product that we’ve brought out to market, but it’s about building the brand and brand reputation and staying a step ahead,” Dannielle said.
“We’d rather spend $100,000 developing a new product than paying that for IP on a product that someone else is going to be inspired by.”