IP and innovation: what type of protection do you need?
Published on June 13, 2024
Protecting intellectual property (IP) is a step that is sometimes overlooked or even ignored by startup founders. startups. The idea that IP should only be part of a business strategy when operating in the technology sector is false.
IP can play a significant role in the growth of a startup, regardless of the field in which you operate. You will understand this clearly in this BDC article how IP and entrepreneurial growth are closely linked. In any case, even if it is not obvious at first glance, IP can help propel your business, here or elsewhere.
Let's go back to basics: there are four types of intellectual property protection.
- patent
- industrial design
- trademark
- copyright
the usefulness of patents: protecting technological innovation
Unsurprisingly, patents are the most well-known form of intellectual property protection. However, entrepreneurs are not always aware of the scope of this protection or even how it applies. Take, for example, a company that sells chocolate chip cookies. It is essential for the company to ensure that its competitors cannot access its recipe, as this is the very guarantee of its success.
In Canada, three criteria are essential for patentability: novelty, non-obviousness, and utility. Culinary creations are no exception to this rule. Even if a list of ingredients and their quantities cannot be protected as such, it is possible for a company to patent certain key elements of its recipe. If a chemical compound in the ingredients or a process used in the recipe is innovative, it is likely that it could be patented.
In Canada, patents grant protection to the inventor for a period of 20 years, according to Innovation, Science and Economic Development Canada, the department that manages patents in Canada.
What is the purpose of an industrial design?
Industrial design concerns the appearance of a product and includes its configuration and/or shape. In the case of our cookie company, we could have designed a cookie box with a new and original look. We could then obtain exclusive rights to our creation by registering an industrial design.
Please note: to be protected, an industrial design must be registered. The registration period is five years and can be extended to ten years, offering a total of 15 years of protection.
trademark: standing out from the competition
The commercial success of a sales and marketing plan cannot be achieved without considering the issue of trademarks.
Among other marketing and brand identification elements, a trademark provides protection for elements that distinguish a product or service from the competition. A trademark includes the company name, logo, and the way you identify your goods and services.
All trademarks are registered with the Canadian Intellectual Property Office (CIPO).
copyright: protecting intellectual works
We cannot ignore copyright and the protection it affords to works of the mind.
Let's imagine that our cookie company ventures into the world of publishing; its recipe book would be protected by copyright as aliterary work. Unlike patents or trademarks, copyright is automatic for original works. Copyright grants the creator exclusive rights to their work as soon as it is created, without the need for any formal procedure.
trade secrets: staying one step ahead
Just like copyright, industrial or commercial secrets do not involve any formal procedure, but can certainly be considered as a measure to ensure the protection of intellectual property. The goal is to limit and restrict access to your intellectual property. Our cookie company could, for example, ask its employees to sign confidentiality agreements or establish more restrictive security measures, such as limiting the number of people who have access to the cookie recipe.
Even in the absence of direct legislative channels, it is possible to take legal action against individuals who unlawfully steal trade secrets. trade secrets. To bring a lawsuit, the holder of the secret must prove that the stolen information has commercial value, that the information is secret, and that the company took reasonable measures to ensure that the information remained confidential.
In short, intellectual property is an essential asset for the growth of your business.
As you will have understood from reading this article, a solid intellectual property (IP) strategy can take different forms in order to protect and ensure growth for your startup. Whether it's to prevent counterfeiting of your product or service, to stand out from the competition, or to prevent others from appropriating your ideas, you need to think carefully about your IP strategy. After all, your ideas are assets that constitute the value of your business, right from its inception. Why do without them?
Want to learn more about intellectual property? Check out our training course in IP for innovative entrepreneurs.
And if you want to learn more about the importance of having a good intellectual property strategy, the episode Why IP Matters from the Intellectual Property Office (OPIC) podcast is a wealth of information on the subject.