Benefits from Intellectual Property protection
In demanding marketplaces of our time, Intellectual property (IP) rights are essential for the survival of a business as they can provide the business with competitive advantages in its commercial activities. By having its intellectual property protected, a business can benefit – amongst others – in the following ways:
- By turning its ideas into profit-making assets
IP enables you to turn an idea into a commercially successful product or service. From an idea, a business can acquire an asset which may result to be extremely important to the business’s success and profitability to the extent that it may represent one of its most valuable assets.
- By enhancing your business’s value
IP can help you to increase the market value of your business. On way is, for example, to raise your business’s profits through licensing or sale of products or services which are protected by intellectual property rights.
- By obtaining a competitive edge over your competitors
IP gives your business the opportunity to be a step further forward in relation to other businesses. For instance, in case you have patent protection over your intellectual property, your competitors cannot copy, manufacture, use, or sell your product but you have the exclusive rights to do so.
- By offering a powerful tool for marketing
IP can form a significant part of your marketing and branding strategy. For example, you can promote your products and services by registering a trademark. Trademark registration is one of the best ways that can lead your business to successful marketing. Since trademarks and their reputation influence the consumers’ purchase decisions.
- By differentiating your products and services
IP protection can assist you in having your business’s products and services identified by the consumers. This enables you to differentiate your business over other businesses and subsequently to draw in potential consumers.
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