HOW TO USE IP IN SOLVING BUSINESS PROBLEMS
The attention given to Intellectual Property has grown from a ripple effect to a more powerful groundswell in the past ten years. New insights, stemming from the Internet of Things (IoT), and other technologies like VR, AI, AR and 3D-printing, shows that IP will be one of the major forces driving emerging industries. Therefore, a new level of a potentially viable business opportunities await companies that are value driven, innovative, and that strive to maintain originality. And that applies whatever line of business you are engaged in, or your age demographics, whether you're baby-boomer, a millennial, or were born in the last ten years. IP will be the major driver of current and future economies in our life-time.
The advent of the digital economy has seen the private ownership of a certain class of asset become an issue of economic and moral interest: The smartphone “patent wars;” the introduction of digital rights management (DRM); and the rise of generic pharmaceuticals and open-source software, are just some examples that must have featured in your social media timeline, and in news feeds, in recent times. Also, there have been questions asked as to how IP will impact the sharing economy and, more recently, the "thank you" economy.
The protection of information and ideas - patents, breach of confidence, copyrights and designs, are valued assets that ride on the back of an organisation’s economic considerations. Because of the relevancy of technology in our daily lives, patent rights are commonly prioritised over the trademark, trade name, design rights, and the like. The bottom line is that IP exposes a whole world of economic value extraction to most businesses in the knowledge economy.
It goes without saying, private ownership of an IP asset will provide you with more protection against potential infringers seeking to take a free ride on your original ideas. Registering an IPR can improve your ability to take decisive action against a potential infringer, and to receive compensation if a third party uses your IP without permission.
Lastly, a well-protected business may result in protection for your end users too, as customers can be assured they are buying from a legitimate company that will uphold their customers’ rights. A registered IP can also minimise the risk of a counterfeit product causing you problems in the future when you have a genuine product in the marketplace. And this begs the question: Do businesses have an IP problem by not exploring the maximum potential of their IP, or do they simply have a business problem which can be solved with the strategic use of IP.
At Fractional IP, we are committed to exploring how IP can help businesses meet and overcome some of their business development and competitive strategy challenges. The following areas are where we'll be focusing our research, devising and revising models to test our assumptions.
1) Product development
2) Product design
3) Service delivery
5) Raising financial resources
7) Global business exposure through licensing or franchising
If you want to find out how we are doing this for our clients please contact: email@example.com