Every year, on August 21st we celebrate World Entrepreneurs’ Day, or WED, which is a day dedicated to creating awareness for entrepreneurship, innovation and leadership across the world.
Brand protection is a complex business - key to reputation, brand value/share price, customer loyalty and, crucially, customer safety. With the trade in counterfeits contributing almost USD$ 0.5trillion to the global economy annually, and increasing 25% year-on-year*, counterfeiting is no longer the domain of luxury goods. Increasingly, smaller brands with products costing £20 not £2000, are being faked and 12% of toys in the UK market are said to be counterfeit.**
It used to be that counterfeit goods were contained to street corners and back alley lanes in Asia, but now in this digital world counterfeit goods are widely available all over the globe, exposing new threats to both businesses and consumers.
Counterfeit goods are fake items deliberately made to look genuine. The issue of their prevalence within the luxury brand industry is well-documented, less well-known is the significant amount of counterfeits within the toy and nursery sector.
FREE SEMINAR: Hot Tips for Protecting Your Brand Online, Saturday 16th September at 2.30pm in the Trend Forum.
'Patent trolls', more formally known as Patent Assertion Entities (PAEs) are firms which do not make or sell anything, but exist solely so as to exploit rights in patents that they obtain from another company. This makes them an increasing threat to innovative SMEs. According to an article in the Harvard Business Review, the number of companies sued by 'trolls' has grown nine-fold in the past decade, meaning that the majority of patent lawsuits are now filed by PAEs.