Three Ways to Grow Your Business Using Intellectual Property

Three Ways to Grow Your Business Using Intellectual Property

For every innovative business, there is an idea worth protecting. 

Intellectual Property (IP) is one of the most important assets of any business, be it trademarks, patents, copyright or industrial designs. The value of IP lies in the myriad of opportunities for business growth, from protecting research and development activities to establishing a greater brand presence; from halting competitors from entering your specific market to generating extra revenue from licensing deals; IP protection encourages long term success of a company. 

A well thought out IP strategy alongside a dynamic approach to one’s IP portfolio is a winning combination to beat the competition and achieve business milestones. No matter small, medium or multinational companies, here are three relevant ways in using Intellectual Property to strategize your business: 

Recognise Your IP & Value It Accordingly

The first step in protecting your IP is to identify the assets most worth protecting. What is unique to your brand? What is the number one moneymaker in your business? What is the most innovative idea belonging to your company? These are the questions worth asking in making the first step to protect your IP. Businesses new to the IP world may not possess the appropriate budget to protect a full range of assets. Therefore it is important to recognise the assets most worth protecting and then proceed with an IP search and filing. That is not to say assets contributing lesser value to your brand are not worthy of protection. Be sure to monitor your IP portfolio, set aside a budget for IP investment and plan ahead to file at a later date. Gaining IP protection for the assets most vital to your company will ensure the core of your business is always legally protected against imitation. 

Develop Your IP To Become A Source Of Revenue

Keep a strict eye on your IP portfolio consistently and strike when the iron is hot. Do your existing IP assets align with new business opportunities? Are your IP assets serving your business objectives? Will your IP assets suit an expansion into a new market? Evaluating the profitability of your IP over time will help open doors to new ways of turning a profit for the company. One such example are licensing deals, whereby the owner of the IP (licensor) receives a royalty fee from a third party (licensee) in exchange for the right to utilize the licensed IP. In our latest article, we detail how Chinese tech giant Huawei generates consistent income from monetizing patent rights via licensing deals. Adequate IP portfolio management is the first step to turning your asset into a source of revenue for propelling business growth. 

Build Your IP Portfolio

IP contributes value to the growth of a business, but it also demonstrates value to others. When an IP asset is legally protected, it points to two key aspects: that the value of the IP is verified and is safeguarded. These aspects render the IP asset in question attractive to investors due to the potential for commercialization, whether through licensing, collaboration or acquisition. Protected IP assets are more eligible for receiving funding for research and development, securing collaborations, raising the financial value of the company and more. Therefore, it is highly encouraged to develop a strong IP portfolio which includes a range of protected IP, not just trademarks but also patents, copyright and industrial design. Having just one IP asset in your portfolio will boost business growth as demonstrated in the 2019 EUIPO study here. A balanced and dynamic IP portfolio is the ultimate foundation for strong and steady business growth. 

Get in touch with Quality Oracle for a free and thorough consultation on Intellectual Property protection.

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