IP Australia recently released the eighth edition of its annual report. The Australian Intellectual Property Report 2020 provides extensive data and professional insights on the current IP landscape. But all of this information can be confusing, especially if you’re a small business owner that is just starting.
Get a better understanding of the current landscape to protect your business. Pinnacle TMS will focus below on the data specifically that relating to trade marks, so you know what applies to your company.
The Importance Of Trade Mark Protection
Before anything else, it’s important to establish why trade mark protection is essential for your business. Consider your trade mark as an asset to your business. It establishes brand recognition and brand loyalty, both of which impact your growth. By registering your trade mark, you create safeguards that prevent other companies from using your brand for their interests.
Your trade mark is tied to your reputation as a business. Consumers make informed decisions based on what they know of a brand. By registering your trade mark at the start of your business journey, you are protecting your company from various risks, such as fraud.
2020 Trade Mark Trends
Trade Mark Applications And Registrations
In 2019, over 75,000 trade mark applications were filed in Australia. However, upon review, registrations only reached a little over 58,000. This is because applications have to be examined before getting approved by the Trade Marks Office. When a trade mark conflicts with existing marks, it is rejected or sent for further review.
If you are applying for a trade mark, make sure the right research is conducted. Check existing trade marks to determine if there are any conflicts. If there are, make adequate changes to make rejection or further review less likely. Doing this before submitting your application will streamline the application process. It may be that to avoid infringement action against your new business, you need to rethink the brand you have chosen.
Filings: Residents And Non-Residents
The report states that the number of Australian residents who filed trade mark applications was down by four per cent from 2018, while the number of non-resident applications was down by six per cent. This is against the grain in that the last decade has seen a continuous upward trend in the amount of applications applied for.
A quick glance at the origins of the trade marks and the industries they are in, will give you some idea of who your competitors may be and from where they come.
Trade Marks In The Digital Landscape
Currently, ICT-related trade mark applications have grown by 26 per cent in recent years. Most of these are for e-retailers and enterprise software services. As more businesses establish themselves on the digital landscape, ICT-related trade marks are needed more than ever. A registered trade mark protects you from someone who is trying, inadvertently or not, to use your trade mark and trade off your hard earned reputation.
Secure Your Trade Mark With Pinnacle TMS
Pinnacle TMS can help in protecting your brand and business. Let us handle the registration process for your trade mark, leaving you to focus on growing your core business. Our experience in the industry has given us the insights to streamline the process for you and get you the best protection of your trade marks, both in Australia and overseas.
Call +61 2 9520 or send us a message to book a consultation.