More and more companies have realized that their success of their products and services is linked to their brand name. Registration of Intellectual Property (IPR) is the only way to convert innovation and ideas to profit and prevent for copy cats.
In todays business environment IPR have become a key value of every company as it is the driver of innovation and commercial potential. Traditionally entrepreneurs have thought about their visible assets, like land, houses or buildings as being the most important. But these days it is more relevant to protect the ideas and innovations of a company. Ideas and innovation are evolving in every business, regardless their seize or their field of operation. The laws are intended to ensure the protection of a company logo, the brandname of the business, or an innovation.
Having an exclusive set of IP rights in the market gives a company an essential advantage. Without having protected its Intellectual Property Rights a company is risking of being copied from a competitor and therefore registration is essential for the future success of the company.
Protecting Intellectual Property Rights are not only necessary for companies which are already existing a long time, it’s also essential for startups and new entrepreneurs. It can set the business apart from other companies and offer an investor or buyer of the company a strategic advantage. Furthermore it is a successful tool for marketing and branding.
Successful branding enhances the market value and increases the future profit opportunities. A patented invention allows a company a monopoly for a period of twenty years. It gives also the possibility to license the Intellectual Property Rights to third parties in order to generate another revenue stream (licensing income).