Intellectual Property is a Business Tool
Most business is based on competition - competitors produce comparable products or provide similar services. Marketing is about improving market share through recognition and reputation. Marketing, though, is only one of the tools businesses can rely on to out-compete others.
Successful businesses use all of the tools at their disposal to improve their position relative to the competition. These include pricing strategies, efficient distribution networks, value-added products and services, improved customer relations, alliances with other parties, and innovation strategies.
Intellectual Property Rights protection is one of the more effective business tools available to business. It can enhance other strategies, and also provide commercial advantage that other business tools cannot. It can also capture value and advantage – such as good will – created by your other business tools and strategies. It is also an effective tool for forging alliances or creating settlements with competitors. No other single tool can provide as many overall benefits as well managed Intellectual Property protection.
Not many businesses realise Intellectual Property protection is a double edged sword that can act against them if ignored. Failing to appreciate and protect your IP does not just mean missing a few steps which delay implementation of your business strategy. A failure to properly protect Intellectual Property often means handing your competitors a significant advantage on a platter – basically providing a free licence to use your hard-earned technology. There are few quicker ways to give your competitor a significant boost, and set your own strategy backwards, than to ignore your Intellectual Property.
Failing to protect Intellectual Property is giving an advantage to your competitors on a platter.
More than just protecting what is yours, protected IP Rights can influence how competitors can act or proceed in the market place, and even in their own internal product and business development strategies. It also provides an effective means, within legally recognised processes, to enforce your rights.
At another level protected and managed IP rights can open opportunities for accelerated growth, and access into new markets which might not be otherwise possible. Opportunities to collaborate with potential competitors provide additional options for growth, and an effective win-win strategy for working with instead of against other businesses.