Peter Wells - Financier Worldwide
Patents and trademarks play a vital role in driving profitability, serving key components of many companies’ business model. Without patents and trademarks, companies would be unable to differentiate themselves from the competition. As such, it is imperative they take adequate steps to protect their IP wherever possible. Company should have a robust and appropriate IP strategy in place – one that includes monitoring and detection processes across relevant markets, as well as continual review and renewal.
For Financier Worldwide, Peter talks about how trademarks tell consumers how to find a business and associate products they like with that business. Patents, on the other hand protect the technology in a business’ products and acts as a barrier preventing competitors from duplicating that technology. While trademarks and patents serve a different function, they are both essential to a well executed business strategy. The technology should enable the business to provide products that satisfy consumer needs. Its trademarks assist in making and keeping the connection with its customers, and its patents keep competitors from trying to take those customers away.
“The two biggest developments for the future of patents and trademarks in Canada are the free trade agreements firstly with Europe, formally known as the Comprehensive Economic and Trade Agreement (CETA), and secondly with 11 other Pacific Rim countries, formally known as the Trans-Pacific Partnership (TPP),” said Wells.
“Both agreements contain extensive provisions dealing with intellectual property (IP), particularly copyright, patents and trademarks. However, if and when they come into effect is uncertain.”
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