As a business owner, one of the crucial aspects that you need to take into consideration is the management of potential risks. Business risks can take many forms including the risk of infringing on the intellectual property of others.
What is business risk management?
Business risk management is a proactive approach to mitigating risks for your business. We help clients mitigate risks for patent and trademark infringement. It allows you to get ahead of the problem so that you don’t have to make adjustments as the intellectual property owner is applying pressure on you to make certain changes. Otherwise, you may make you destroy your inventory which could cost tens of thousands of dollars and more.
Why is IP risk management important?
Mitigating business risks especially patent and trademark infringement is important because it will save you time and money. By doing the work ahead of time, you might be able to make a simple change to your product that would avoid patent infringement. Oftentimes, small changes to a product can avoid patent infringement. Or, it could make a solid case of patent infringement appear less viable.
Trademark infringement risks to your business arise when you adopt and use a new trademark. Millions of trademarks exist in the United States. You need to manage the risk by avoiding trademark infringement. Our trademark search service is a research service that helps you to find senior marks which you might infringe if you adopt and use your proposed mark. Our patent application service helps you to file a trademark application which potentially avoids any senior marks so that you can secure your trademark rights with the trademark office.
What are the benefits of managing your IP risks?
The primary benefit of managing these risks upfront before you launch your product or adopt a new trademark is that you can save yourself a lot of time and money.
Imagine investing tens of thousands of dollars and years into a trademark to find out that you are infringing on another’s trademark. You’d have to rebrand, throw away branded products, and restart your branding efforts. Many businesses cannot do so successfully. It’s not as easy as starting all over. In these cases, you might have to spend money on a legal battle to keep your trademark. All of this could have been avoided by managing your trademark risks.
Also, imagine building a product, not knowing that a small feature in your product infringes on another’s patent. Imagine having to destroy product because the patent owner enjoins you from using their patented technology. Once again, all of these could have been avoided by managing your patent risks.
Working with Clients Throughout Orange County & Beyond
Because we are located in Irvine, many of our patent-enforcement clients live or work in Orange County communities like Mission Viejo, Aliso Viejo, and Santa Ana. But we also work with clients in surrounding areas, like the San Gabriel Valley, Los Angeles County, and elsewhere in Southern California.