Protecting intellectual property – an underestimated key to business success

In the booming yachting industry, intellectual property protection is becoming increasingly important. Competition is demanding and often exploits routes blazed by other market participants. Why and how should intellectual property be protected?

Benefits of intellectual property protection

1. Brand protection

Registering trademarks protects a company against unauthorised use of marks by competitors. This makes the company recognisable, builds customer loyalty and gains the trust of business partners. Brand protection means that customres will be assured that products come frome a proven and trustworthy manufacturer that cares about every aspect of its business.

2. Combating counterfeiting

In the yachting industry, quality is key. Registration rights allow you to effectively combat fakes. This provides customers with authentic, high-quality products and innovative manufacturers with a deserved income. It is also worth noting that effectively fighting counterfeits not only protects a company’s reputation, but also significantly facilitates complex court procedures when legal disputes arise.

3. Increasing goodwill

A registered trademark is tangible value that can be used as an asset on a company’s balance sheet. It is also an important asset when negotiating with investors, who often look at the level of IP protection before deciding to commit capital. Besides, if a company is sold, registered trademarks can signigicantly increase its market value.

4. Protection of innovation and design

Registering industrial designs protects the uniqe design and appearance of your products. This keeps your innovations safe and can give your company a competitive advantage. Design protection is particularly important in industries where people “buy with their eyes” and the aesthetic and functionality of design play an equal role.

5. Earings

Selling rights to registered marks or designs allows you to profit from innovation by licensing your intellectual property to other companies. This can be additional source of income that increases profitability of your business. Licensing your intellectual property can also lead to strategic business partnerships.

6. Monitoring of design and trademark registers

Allows you to react quickly if competitors attempt to copy your brand of products. Regular monitoring of registers enables you to act quickly and prevent infringement, which in turn minimises the risk of financial and reputational damage

What can be protected in yachting?

The number of objects of protection under intellectual property law is basically limited only by the imagination of the creators. However, the most typical and at the same time the most frequently registered manifestations of entrepreneurs’ creativity can be distinguished:

• the company name and logo, i.e. the basic elements of brand identification,
• the name of the yacht model, which protect the uniqueness of the offer,
• the advertising slogan and slogan, which build recognition,
• the shape and design of the yachts, which protect the unique design,
• colours and paint scheme as distinctive elements,
• specific technology, where technical innovations are protected,
• the name of the service package and loyalty programme as unique offers,
• the individual name of the yacht, which highlights its uniqueness,
• a unique piece of equipment to protect unique features,
• team/sports club logos that build identity,
• accessories and sportswear as additional brand products.

How to check whether a company should protect its intellectual property?

The number of expressions of creativity that are protectable as intellectual property is unlimited. Just as human ingenuity is unlimited. However, intellectual property and the rights arising from it are protected by specific legislation. That is why professional support in the examination of needs – from formulation of the documentation to the conclusion of the official procedure – makes it possible to obtain adequate protection and provide a sense of security. Effective care of intangible aspects of business, including industrial property, requires knowledge of the regulations, the industry and the specifics of the company’s business and other market players. Therefore, it is always advisable to take advantage of an audit and examine the needs of the company. Perhaps small changes, under the guidance of a professional, will bring significant benefits.

Summary

Protecting intellectual property in the yachting industry is not only a necessity, but also a key, although often overlooked, element of business strategy that brings numerous benefits. It is worth remembering that a business can function perfectly well without protecting its intellectual property, but when problems arise it may be too late to respond effectively. Then all that is left is costly loss minimisation. Therefore, on the one hand, intellectual property should be treated as an insurance policy just in case, and on the other hand, being aware of its tangible value, it should be taken care of from the very beginning.