A large number of companies today own some sort of intangible assets –whether it is a trademark, patent, copyright or some sort of creations of the mind or ideas that hold immense value for them.
Intellectual property management - Importance of Intellectual Property Management for Your Business
1. Importance of Intellectual Property Management for Your Business
A large number of companies today own some sort of intangible assets –whether it is a
trademark, patent, copyright or some sort of creations of the mind or ideas that hold immense
value for them. Alike other tangible assets, these intangible assets also need to be managed
carefully so that your business can confidently bring a new idea or product into the market.
Being an inherent part of any business, Intellectual property management is done to ensure all
your intellectual properties are properly administered and guarded. There could be numerous
reasons behind the implementation of this activity in your organization such as:
1. Protection
Every business or product or service idea should be backed by a patent to make it safe from
copycats. A patent also ensures that the people who own it get maximum profits. If you don’t
want your product or service idea to be copied, you must ensure that it is protected by a patent.
As it is easier for anyone to copy your idea, intellectual property gives you exclusive rights to a
product or idea that you can take legal action against anyone who does this. For example, you
launched a music album without applying for copyright; you can’t do anything if you don’t have
copyrights for it. So, ultimately it keeps your work safe and secure from being copies by
someone else.
2. Market Dominance
As far as IP is concerned, there is a certain time limit for each IP which means you can hold the
exclusive rights for the product or idea for a certain period of time. If you manage to use it
wisely, you can easily gain market dominance and solidify your brands. During this time period,
you’ll have to establish yourself as a brand to your customers. The purpose is that when the
patent runs out, your customers will want to stay with you, rather than switching to your
competitors who may have found a cheaper way to do the thing you was doing.
3. Innovation
Many people think patents are only meant to gain money but the truth is that they are equally
valuable to the society too. Just think if everyone starts copying each other’s work, there would
be no scope for innovation. Inventors would stop finding newer ways to do various things that
could help people, and innovation and technology would eventually come to a standstill.
Considering these above points, it is now clear that Intellectual property management in the
need of the hour and it is not only about getting patents but its lot more.
2. Author Bio:-
Mr. Shashikant Sharma is a renowned specialist in the field of Intellectual property
management. He has great experience in patent mapping, patent proofreading, patent search,
remote electronic docketing, and other IP administrative services.