If you’ve been watching you’ll know how important it is to know your business - understand the market, your potential competitors and the numbers for your sales, production and staffing - you’ll also know the value the Sharks placed on protecting intellectual property.
We saw it again in the finale when Vanessa from Sonsee Woman confirmed they had trade marked their product name. Although, at the time of filming, ‘Those Girls Iced Tea’ hadn’t secured a trade mark - Lauren and Elena have now registered their intellectual property and have protection for their brand as well.
It’s not just trade marks that pleased the marketing nous of the Sharks, many of the entrepreneurs had taken the time to protect their invention with a registered patent. This was music to the ears of the potential investors - especially when a business was aiming for an overseas market like the Cricket Cooler team. Adam and Leigh worked with their patent attorney for around a year to get their idea ready for protection prior to bringing the concept to the market. They applied for an innovation patent as a first step before lodging a Patent Cooperation Treaty (PCT) application to protect their invention in cricket loving countries around the world.
Researching and learning about the best ways to build your business and get your product to market is vital - as Shark Steve Baxter says, if you don’t know it, go out and find out! Navigating the many processes and considerations when starting a business can seem daunting, but IP Australia is here to help you get the right IP protection for your business. Our website has some great tips on how tocommercialise your IP and business planning as well as helping you understand some of the jargon associated with IP, and most importantly, learn about the different types of IP protection and which might be right for you.
If you missed an episode or want to find out more about intellectual property and how it can help grow your business, just take a look back at our blogs from the season of Shark Tank. You can learn from other inventors and businesses by looking through our many case studies, and get some helpful tips from our magazine IP - your business edge.
So until the Shark Tank opens its doors again - keep inventing, build your business and never forget the value of IP protection!