The Value of Intellectual Property Specialists for Smaller Companies
Innovative thinking forms part of business. Intellectual property is the result of such innovative thinking. It leads to new designs, publications, inventions, and products. These creations are assets, which must be protected, and this is why it is important to speak to intellectual property specialists.
The intellectual property specialists can assist you in registering relevant IP assets and ensure the enforcement of your rights to the IP assets. Every product or service in the company is the result of smaller creative innovations. Improvements are made to products to make the products more functional and aesthetically appealing. The company invests considerable knowledge, time, and money in the development of these products or services.
Trademarks are a means to protect the company brand and to make it stand out. Improvements to a design can also be protected by getting intellectual property rights on the improvements. By trademarking your company’s products, you help to distinguish your products from that of competitors and are able to build brand loyalty. Regardless of the type of product, the company benefits if it has IP rights registered for the product.
A product, such as a unique radio, does not enter the market overnight. Research, prototype development, and production costs must be considered. If the product’s design is not protected by means of a patent, other players in the field can use the design and thus effectively take away from your company’s ability to recoup your development costs. Intellectual property specialists help you to register such rights and assist in conducting IP rights searches. They furthermore help you to set up IP rights agreements from which you can reap benefits, such as royalties for the use of the products by other parties.
Copyright is another form of IP right. Intellectual property specialists help you protect your copyright to a piece of work through licensing agreements, publisher agreements, and the likes. Where parties infringe on your copyright, the intellectual property specialists advise you regarding appropriate steps to take to get compensation for damages suffered and to prevent further infringement of your IP rights.
Regardless of the industry in which your small to medium enterprise operates, it is likely to generate intellectual property. It is thus important to take the necessary steps in protecting and managing the intellectual property assets. This is where the help of IP specialists becomes valuable. They provide legal guidance and help to ensure the registration of relevant IP rights.
Through the course of business, you may also need to use the intellectual properties of other parties. For such, you will need to have agreements in place and obtain the relevant usage rights. Here too, IP law specialists can assist in getting the required agreements in place.
You may not yet realise the value of your company’s logo. By obtaining IP rights, you protect it from being used by competitors. At this stage, you may be a small jewellery design company and have not registered design rights on the jewellery designed by your team. Without such in place, others can easily copy your designs, brand them, and commercially benefit, while you do not reap the economic rewards.
It is thus best to speak to intellectual property specialists right from the start to ensure that all designs, logos, writing, artwork, and inventions by your company are protected.
Disclaimer: This article is for information purposes only and does not constitute legal advice. Call on our attorneys for legal advice, rather than relying on the information herein to make any decisions. The information is relevant to the date of publishing – June 2018.