Getting a patent will only give you an advantage over your competitors. Here’s how you can use intellectual property rights to your advantage
Intellectual property refers to any new idea or invention created by an individual or a business. It is essentially an invention that has both commercial and moral value. Such inventions that are new, innovative and life-changing can be protected by the individual who came up with the concept or product under intellectual property rights and laws that govern the country. Under Intellectual Property Rights (IPRS), the inventor can get copyrights, patents, design and, trademarks and trade secret protection to shield an invention/creation from being duplicated or copied by another individual or business. In this article, we shall shed light on the benefits of intellectual property rights.
IPR benefits
There are five major advantages of intellectual property rights. They are as under:
- IPRs can help turn your ideas into money-makers
Every little or big idea you have, can prove invaluable if it is executed correctly. This simply means that your intellectual property can help you convert your ideas into products and services which are commercially successful. You can use your intellectual property to create a business on your own, pitch it to investors and start a business or even get it licensed, enabling you to sell it to various businesses in exchange for a steady stream of income. An IPR can be converted into an asset and can help turn your idea into a huge money-maker. - IPRs can enhance your business’ market value
One of the greatest advantages of protecting intellectual property is that it can generate income for your business in many ways. You could license your IP and lend it to various businesses in exchange for a fixed income or reasonable royalties. You could also reap benefits from selling your IP products and services for a fixed amount. Selling your IP can raise your profits and even improve your market share. Also, in case you sell your company or enter an acquisition or merger with another, registered and protected intellectual property assets can significantly enhance your business’ value. - IPRs can help you stand out from the competition
Customers are always looking for something new and exciting. Every company aspires to be the first one to offer a breakthrough product to customers. If you wish to create a certain image for your business then IPs are absolutely essential. Remember, customers associate a certain value with their favourite brands. This is where factors like goodwill, trademarks, designs and logos come into the picture. Customers recognize brands from these factors and IPRs helps businesses differentiate their products and services within a market, while promoting them to its target customers. - IPRs can be accessed to raise finances
Another benefit of intellectual property ownership is that you can easily monetize your IP assets when you need to raise funds. You could choose to sell the IP, license it, or even use it as collateral while taking on a debt. Also, the government of India has created several laws that allow IP owners to use their IPs to their advantage while applying for any government or public funding including loans, subsidies and grants. - IPRs can enhance opportunities related to exports in business
IPRs give you the freedom to tread into the export business as well. There is no law that states that IPs need to be protected and can be used to benefit one within specific borders. With the help of IPRs you can use your designs and brands to market your products and services in foreign lands as well, thus improving your export prospects. You can seek franchising agreements with foreign companies and even export patented products.
So if you have a great idea, don’t be afraid to convert it into a business. Understand your IPRS and keep the benefits of intellectual property rights in mind while doing the same