Strategies to Strengthen Business using Intellectual Property

Strategies to strengthen business using Intellectual Property

Strategizing on how to grow the business or how to strengthen the business is a crucial step and must be done with a proper understanding of the market and the area where your business would stand. Making a strategy using the intellectual property which aligns with the objective of the business is a must step so that it results in the outcome which a person starts his business in the first place. If there’s no strategy regarding how to protect or use the intellectual property then there is no business to stand in the market, competition is a far case scenario.

Here are some strategies which can be used by startups or businesses to strengthen their position or to grow their outcomes –

The very first step includes protecting the intellectual property by the means of patents, copyrights, trade secrets, or trademarks.

• Copyrights – As we already know copyright is the protection for creators of art, literature, images, novels, movies, poetry, computer software, architecture, songs, and so on. Copyright is not literally for protection but to let others know that this particular kind of work belongs to someone else and copying or using or selling or making it in your name creates a copyright infringement and the consequences of which would be legal actions against the infringer.

   

• Trademarks – The motive of getting a trademark is to identify the brand. Trademarks help in establishing the brand name so that it distinguishes one’s product from others and thus getting it copied or stolen. Always file a Word Mark for your Trademark. So many India Entrepreneurs only file device mark for their brand name. A word Mark gives you more protection than a device mark. 

   

• Trade Secrets – It includes many things like formula, combinations, pattern, techniques, etc, and respecting those trade secrets is a must while carrying on business or occupying market space. Knowing trade secrets help in having an advantageous position over those who do not know about it.

• Filing for Patents – A patent is a right, granted to an inventor that allows the inventor to prevent others from making, selling, or using his invention. The patent system is designed to encourage inventions that are unique and useful to society, and the infringement of which may result in legal actions against the person who has tried to make, copy or sell the already patented innovation.

   

• Filing numerous Provisional Patent Applications (PPAs) – When a new invention steps up in the market, there are ways in which that invention can be stolen or used in another person’s name with slight modifications done. So filing a number of patent applications means to file applications in your name not just for the invention but also for the innovation, along with all the possible modifications which you can think of and then protecting all those variations too. This helps in taking away the fear of competition and preventing the patent from getting stolen or copied, and your stuff remains yours.

   

• Knowing all the previously used patents related to your invention – This means getting to know all the prior arts and inventions similar to yours and then making your product unique and different from that. If someone points out the similarities between two patents or products, you must know how to discard those by giving out differences and distinctions and be able to explain how that patent is not related to yours, and that your product is unique. This step is also important so that the customer doesn’t get confused between your product and someone else’s and you can easily bring the points of distinctions and uniqueness.

   

• Filing patents globally not just nationally – Though it can become expensive filing international patents, then it decreases the chances of getting it copied not only in the country you reside but also in other countries as well. Making out a list of businesses as same as yours, finding out their market, and then obtaining patents in those countries can help get an upper hand on the market and thus help in fewer chances of getting that patent used.

• Continue filing patent applications for all those patents – As you improve your inventions or innovations, continue filing provisional patent applications for all those patents. This is advantageous as you now know what other patents can be made out of it and if the application is in your name, it reduces the risk of getting that patent was stolen. This can also help in generating more revenue as you can pursue sub-licensing opportunities.

   

• Design Patents – It helps in protecting your patent from getting stolen on online platforms. It prevents in making exact copies by the infringers and thus prevents from getting it used illegally.

   

So, intellectual property can help strengthen the business as every person has the capability to bring out something new and something creative, and if that intangible asset is not protected or prevented there are sure chances that others can copy your property and use it for their advantage and make out benefits which belong to you. Intellectual property rights give protection from this kind of situation and when you are sorted on this end, this also helps to establish as well as carry on your business in a way you are supposed to make out profits and benefit your company. The strategies discussed above are some of the important steps which help in the growth of the business and also prevent your assets from getting stolen or copied or used without your permission. The businessmen and start-ups invest much in their work and if they have protected intellectual property, it will only result in growth to the aims and objectives of their vision.

To know more about, How to grow a Business using Intellectual Property, Kindly find the video below- 

By-

Shivangi Garg