Intellectual property (IP) is recognised globally as an essential asset of companies, defining a company’s worth, market share and its success to a large extent.
Failure to identify and protect IP may have a drastic negative influence on your success as a start-up company. It is for this reason that IP management is essential for the success of a company.
While you are in the midst of initiating R&D, starting up your new company or have just entered the market with your product, you should not under estimate the importance of IP in your business strategy.
Protect your product ideas:
When you have a great idea for a product or service, there will always be people who will want to duplicate your success and sell your ideas as their own.
Depending on individual circumstances, you can use patents, trademarks or copyrights – all of which cover different areas of intellectual property. These can be used to prevent competitors or anyone else from using your ideas for their own.
IP protection applies to businesses of all sizes; even huge corporations have had their ideas infringed upon and have made multi-million pound lawsuits; just look at the on-going disputes between Apple and Samsung over their smartphones.
IP rights determine, amongst others:
• If you can manufacture your product legally
• If you need to obtain a licence or an assignment to prevent litigation
• Whether another individual or company must license your technology from you to be able to manufacture or sell his product legally
• If you can import your product
• If you can copy a component of another individual’s product/technology to use in your product etc.
In short, regardless of what field your business is in, it is only to your advantage to have knowledge of IP to be able to run your business successfully. IP rights grant you as the owner the freedom to make the most of your invention and to limit competition during the term of protection.
If you want to learn more about Intellectual Property (IP) and how it is useful when you are having any product Idea to make it individual. What are different key rules which are very much useful for you product Idea before it launches in market such as: Patents, Trademark Copyrights etc, do not miss to register for the ST102i Intellectual Property Essentials program for Product Leaders, an online course by Prof Anoop Kurup on 15th October 2014 7:30 pm.