Key Benefits of Protected Intellectual Property Rights
There are many benefits arising from the protection of Intellectual Property, which will discussed later. However, if we were to summarise the key benefits that most businesses find useful, they would be:
Protect it or Lose it
Intellectual Property is dynamic. Doing nothing will still have consequences – typically a significant advantage to your competitors, and a disadvantage to you. Most forms of IP protection require you to seek protection. But once rights are granted, you have legally enforceable rights. Given that innovation and business advantage are often connected, it makes sense to manage your Intellectual Capital effectively. |
Block Your Competitors
Effectively managing and protecting your Intellectual Property can yield key advantages, including blocking or diverting development routes of competitors. Strategic placement of your IP protections can prevent competitors from proceeding along a specific path, or having to licence rights from you (if you wish) if it is too expensive to circumvent the extent of your IP rights. |
Forge Alliances & Collaboration
Intellectual Property is an effective tool for forging alliances and creating agreements between parties. Many joint ventures are based on protected IP rights. Similarly, investors and venture capitalists will typically require suitably protected IP as a pre-requisite for their involvement. Obtaining overseas agents and distributors are often easier when there is protected IP, as well as creating relationships with those already in foreign market channels. |
More Effective Enforcement
Protected Intellectual Property Rights enjoy the benefit of being enforceable through the law and legal system. This is in itself a very effective deterrent against infringement, and in the event it occurs the possibility of Court Action and consequences is an effective motivator for out of court settlements. And with protected IP it helps make border control measures easier to prevent pirated or infringing product entering your markets. To the contrary, if you have not protected your rights then it is likely that you might not have a legal leg to stand on. |
