How Canadian companies can avoid being ripped off
Taking effect earlier this year, new sections of the federal Combating Counterfeit Products Act have been put into place to help protect Canadian companies from various criminal acts. And while it’s important to learn how to keep your business safe, are there some holes in this new system?
Have you ever sported a knock off purse or wallet or watched a pirated movie? If so, did you consider how your illegal activity hurt the manufactures or exporters of the product? Due to the new act mentioned above, Canadian firms are now able to protect themselves at the border—sort of, anyway.
Originally reported by the Globe and Mail, anyone who suspects that a person is importing fake goods into the country can fill out a “Request for Assistance” to the Canada Border Services Agency for free. Then, the CBSA will hold the products, allowing the Canadian company to have adequate time to begin legal proceedings.
“It’s a step forward for the protection of the public, not just trademark owners,” said Steven Raber, a trademark litigator and partner at Fillmore Riley LLP in Winnipeg.
However, as mentioned earlier, there are a few hiccups with this new act. For example, if the products really do turn out to be counterfeit, then whoever filled out the original request form becomes the new owner of the products—taking with them all costs associated with the storage, handling and destruction of the detained products.
Therefore, getting rid of trademark or copyright infringement, while important, can also be very time consuming and expensive. As well, these products can include a long list of items, such as sophisticated electronics, key automotives and aircraft components.
Despite issues with the Combating Counterfeit Products Act, Canadian companies are still encouraged to utilize it to their needs. After all, it can help. Furthermore, in order to gain protection from being ripped off, businesses should take precautions before going to market and pay particular attention to trademark laws. Filing and submitting the proper paperwork for trademarks and patents is vital. AS well, companies need to ensure that they’re not infringing on someone else’s product or trademark.
[SOURCE: The Globe and Mail]
CB Insights: US Insurtechs Compete In A Now Global Market
In the first half of the year, insurtech companies around the world have raised US$7.4bn, nearly doubling their funding in Q2. According to Digital Insurance, insurtechs have raised US$4.8bn in Q2—an 89% increase in funding from Q1. But US firms are no longer the sole beneficiaries.
What Are the Stats?
Out of the 15 Q2 mega-rounds—those that top US$100mn—only eight included American firms. Pretty good, you might say. That’s over half! But US companies only made up 38% of the deals, which marks a 10% drop from Q1 and a 12% drop from 2020. Technically, therefore, US insurtechs are less influential than they’ve been in the past. But who says this is a bad development?
Despite my American citizenship, I’d argue that a more globally diverse insurance market is only for the best. Many of the world’s citizens who could most benefit from improved insurance services live outside of the States—and deserve local, tech-savvy services.
Why Does This Matter?
You’re always going to see the typical insurtech contenders from Western countries. For instance:
- German-based wefox: US$650mn Series C
- UK-based Bought By Many: US$350mn Series D
- US-based Collective Health: US$280mn Series F
But it’s critical that we address risk across the world. American insurtechs might be some of the most technologically skilled firms in the industry, but it’s not their first goal to address floods in Southeast Asia, crop destruction in China, and COVID complications in South Africa. That’s why we should celebrate that the recent Q2 round included insurtechs from 35 different countries.
According to CB Insights’ Q2 2021 Quarterly InsurTech Briefing, this was the first time that they’d observed insurtech activity in Botswana, Mali, Romania, Saudi Arabia, and Turkey. And ‘from a product, service, distribution, and underlying risk perspective, we—as a society and as an industry—are moving at an unprecedented speed’, says Dr. Andrew Johnston, Global Head of Willis Re InsurTech.
Just ask CB Insights. InsurTech value propositions have resonated with the world.