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Having intellectual property for the business is mandatory in today’s scenario. One has to be cautious enough so that no one ends up protecting his or her ideas, inventions, thoughts, or any other work. This is where the intellectual property comes to the rescue.
Before, we get into how, intellectual property helps in the growth of your business, it is essential to understand the meaning of Intellectual Property.
Today, in this blog, we have jotted down what is intellectual property and how the protection helps for the growth of your business does. To know more on it, keep reading the blog.
What is Intellectual Property?
With the help of intellectual property, you can give protection to the creative work in the business. It comprises of many things like all the artistic work, literature, paintings, quotes, taglines, designs, logo, process, methods, and so much more.
Remember, anything that demands the creativity and imagination needs protection through intellectual property. These assets bring profit to the business. Therefore, protecting these imaginative and creative works is necessary.
How Intellectual Property Does Brings Growth in Business?
- The companies hire intellectual property lawyers in order to get protection for their valuable assets. Besides, protection, they also need frequent guidance when needed.
When the business is turning down, the last thing you would want is to lose all the creative assets that you created after so much of hard work.
- When a company does not give enough protection to the investments, then the brands and other innovations, clients will not take you seriously.
Not protecting this property is also about not caring about the partners, distributors, sellers in the business. This often causes a hindrance in the growth of the business.
Hence, to bring growth in the business, one has to protect your property. According to a study conducted 60% reported that the protection of IP has brought a positive effect. While only 1% reported it being negative.
- Leveraging intellectual property is also possible. The chances are high that the investments of IP can also be reoccupied in different ways. You can also sell this property just like the properties.
The creator of angry birds makes 20% revenue of the company’s by licensing many small other companies. It is not only the huge companies that can license, but even the startups can also license it with affordable money investing.
- For someone who is not interested in boosting the value of the business can use the property as a tool of marketing and sales purpose.
The ® symbol on the brand represents that the owner believes in the product and doesn’t allow the competitors to benefit.
When you indicate it with the sign, it becomes clear that the product represents the company or brand, it becomes like clear that it stands out of the crowd and belongs to a specific company.
These messages are enough to appeal the consumers, improve sales, and market the product.
- One of the most important part, that nobody knows is that intellectual property works on first to file rule. The one who registers it first gets the right.
For the growth of your business, you can register it the brand name in the important countries and prevent others from licensing it.
Changing the brand name is very costly. Alongside, you also lose the investments you did for the promotion of the brand.
When you protect the brand, innovation, designs of the product with the intellectual property expands the business. In the above-mentioned blog, we have jotted down about what is IP and how it brings growth to the business. If you like the blog, then do share, and drop your suggestions in the comment section below.