Kaya 959 Reporter
Protecting your business idea is one of the most important decisions any startup or entrepreneur can make.
Say, for instance, you have a fantastic business idea, but you’ll need some time to see it through.
Meanwhile, you could be wondering how to preserve a business concept and assure future growth.
Unfortunately, even as the original creator, many people fail to take basic precautions to safeguard a company’s idea from competitors and lose their rights.
Kaya Biz with Gugulethu Mfuphi spoke to Nonhlanhla Mtshali, Corporate Law Expert about the different ways to protect your business idea.
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LISTEN TO THE FULL CONVERSATION HERE:
Mtshali says that the registration process of intellectual property is sometimes overlooked by start ups and entrepreneurs.
“The starting point when it comes to the protection of intellectual property of a concept one would create is having the intellectual property registered with the CIPC.”
“Realistically speaking a very big challenge with startups and entrepreneurs is that they don’t always necessarily have the funding to register their ideas and concepts.”
Usually, this is done through a firm of attorneys, not only will be paying to register the intellectual property, you also be paying for whatever services your attorneys are rendering for you to go through the registration of the intellectual property. So it isn’t a cheap process.” says Mtshali,
Mtshali, says by obtaining a trademark, you may protect your company’s name. This will make it impossible for anyone to offer a similar service under a similar name.
To build a reputation in your trademarked name, be the first to market with your service and maintain stringent quality control.
To stay ahead of your competitors and protect your trademark’s reputation, constantly evolving and marketing.
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