Intellectual property protection can be likened to a double edged sword, on the one hand, an organisation can use it to defend itself against intellectual property claims and also secure long term revenue; and on the other hand, to enforce intellectual property rights.
Business organisations need to start seeing intellectual property as what it is, a valuable asset. If this is the case, businesses will take intellectual property protection seriously. In this short article, we will highlight a few reasons why you should register your intellectual property for the growth of your business.
1) Taking up market share – If a business leaves unprotected its intellectual property such as trade secrets, trademarks, service marks, and the likes. Competitors who operate in the same trade area have the liberty to poach such business strategies and deploy them in the market.
This then leads to the organisation that is the original owner of such a trade idea having to share their market share with this adversary organisation. Therefore, it is crucial for organisations to protect their intellectual property so as to dominate their section of the market and rake in all the profits that should accrue to them.
2) Additional source of revenue – When organisations protect their intellectual property, they have secured for themselves another avenue to generate money for their business aside from the money generated from their products or offerings.
Organisations can go ahead and monetize their intellectual property by licensing the same to organisations that could have used it without their permission if it is not protected. Licensing intellectual property also provides a long term revenue stream. Business organisations want to look into this and think up ways to monetise their intellectual properties.
References:
Tarum Kumar Bansal, 4 Reasons Why IP Protection Is Critical To Business Growth, https://www.entrepreneur.com/article/372690
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