The business needs to secure authenticity and identity in the marketplace, and this will only be possible through intellectual property protection. Here are eight reasons why you need intellectual property protection for your business:
Provide Competitive Advantage
By protecting your intellectual property, you possess a difference that makes you unique while doing business. This accelerates your branding identity and saves your products from competitors' imitation of the same. The trademark of your product or copyright of your creatives will give you a legal framework to prevent others from exploiting your proprietary assets, thereby helping you keep your market exclusive.
Improve Business Value
In business, intellectual property represents an asset that attracts investors and gives higher opportunity. Through the registration of patents, trademarks, and copyrights, you increase your business value and build a solid IP portfolio that creates a direct increase in the valuation of the company.
Increases Innovation and Creativity
Protecting intellectual property allows you to have good chances of commercialising innovation by giving exclusive rights to the creators to monetize with their innovations.
Contribution to Economic Growth
A good company protects one's intellectual property, which, in turn, will directly benefit the economy. IP-intensive industries are one of the significant contributors towards economic growth in any given nation.
Encouraging Fair Competition:
Enforcing your IP rights will help eliminate counterfeit goods and infringement, thereby creating a fair marketplace. Through seasoned attorneys, you will have a better understanding of the complexities of IP law and work with government agencies in ensuring that everyone has a level playing field.
Monetizing Through Licensing
Your intellectual property can be a huge source of income. Licensing your patents, trademarks, and copyrights gives you royalties without the hassle of making and selling something, thereby monetizing your IPs and presenting your business to new markets.
Promotes Technology Transfer and Commercialization:
IP protection is essential to enable research institutions and businesses to collaborate with each other so that breakthrough innovations hit the market. Protecting your IP rights will help you partner with inventors and researchers to transform discoveries into possible solutions.
Balances Public Interest and Private Rights:
By the use of IP law, public welfare is achieved through incentive innovation. For example, copyright protection applies to compulsory licensing of essential medicines, and fair use provisions allow for the limited use of protected works so that the IP rights will advance greater good, not suppress it.