9 ways to boost your business with:
intellectual property rights
Protect you creations while you make them!
What if you succeed - are your ready to defend your business?
Even if you’re still early in your journey, the business, products, services, and assets you are building now can make significant, life-changing differences. This motivation drives passionate entrepreneurs, researchers, developers, and business owners.
Whether it’s a positive impact on your own life, your business, your customers’ experiences, your partners’ efficiency, or your company’s growth, it’s crucial to hold on to this potential for success for as long as possible. Achieving this will free you from worries and provide a sense of stability.
Securing your intellectual property rights is crucial whether you’re seeking to advance your career, launch an innovative business, or develop a valuable online course. This page outlines practical ways to leverage your intellectual property rights effectively.
9 business boosting exercises with intellectual property rights (IP rights or IPRs)
Here is a list of steps to consider regarding your business’s intellectual property (IP) rights.
You might feel these ideas are too simple or overly optimistic, especially if your business is still growing. That’s understandable, but starting with step #1 today is essential, and you can work through the rest as you need them.
Focus on doing what’s right for your business (which is why #2 is early in the list). These items are worth writing on sticky notes and placing them where you can see them daily! Remember, it’s about your business and success, not anyone else’s.
No. 1
Know IP
The first step to anything is knowing what you are doing, understanding how the ‘game is played’, and most importantly, adapting to the rules to benefit. Flexibility and agility are key.
While luck may play a part, your strategic understanding of the ‘game’ truly increases your chances of success.
It’s not different in your business, and your IP strategy is “just” another set of rules to follow.
Understanding the power of intellectual property rights (IPRs) and strategies to protect one’s assets is not just a choice; it’s a necessity in professional businesses.
No. 2
Match IP
I understand that legal matters can seem tedious and overwhelming at first.
But let me assure you, you don’t need to be an expert in legal texts. You just need to know which ones to use for your current and future business goals and how to get them, with the right support.
What you also need is: You need to understand how to help your patent attorney and IP lawyers (your advisors) to give you the best quality support – so they help you protect what you need – not too much (e.g., overprotecting a product that might not be profitable) or too little (e.g., leaving a valuable idea unprotected).
Your advisors are experts in the law, but not always business experts. They may not always understand what you need. This is where your role becomes crucial. It’s your job to guide them…
That’s all.
No. 3
Get ip
Every business has the power to choose about 4-6 types of IPRs to protect their businesses. There is a list of 8-10 (depending on which ones you include).
Here’s the kicker: Only those who create unique technical solutions or products that function in a specific way need patents on top of those.
So, if the complexity or price point of patents scares you from learning about IPRs, please know that you can do a lot without ever needing a patent.
No. 4
Pay IP
Not all IPRs are expensive, but some come with requirements.
Some are free, and some are “just worth it.”
IPRs can be the game-changer that secures the funding you need to bring your innovation to life. And in the event of a business strategy that’s not panning out, they can be the safety net that prevents bankruptcy and gives you a chance to regroup.
When it comes to your ideas, remember that secrecy is your most powerful tool. If you’re still in the planning stages, the best advice I can offer is to keep your ideas confidential until you’ve determined the best way to protect them.
No. 5
Own IP
Strategically selecting the right IPRs for your business model and strategy is a powerful way to demonstrate your ownership to competitors, customer expertise, and your seriousness to potential partners. It’s a clear sign that you value your investments and believe in what you’re building, underlining the importance of your decisions.
Conversely, when you use external experts or employ staff to develop your products with you or collaboration partners, conflicts about ownership may arise!
I am talking about not only patents but also your brand name (trademarks), your packaging design (physical or digital), and your tone of voice and content (copyright).
No. 6
use ip
You may think that “using IP” means “enforcing IP”?!
It’s true that enforcing IPRs is a significant aspect of their use. However, it’s a common misconception that IPRs are only worth the investment if you can afford to enforce them. Reiterating the value of IPRs can help you feel reassured and confident in their importance.
Strategically using IPRs can signal power, set boundaries, and enhance professionalism. This strategic use can provide a significant boost to your brand and partnering efforts, making you feel more in control of your business’s direction.
No. 7
sell IP
Intellectual property, like any other property, offers you the flexibility to keep, or sell it as you see fit.
It’s a common practice for IPRs to be sold or transferred to partners during mergers or when acquiring startups, providing a sense of security in the business world.
No. 8
license IP
If you can keep it, you can also “rent” it out to someone. When it comes to IP this is calles licensing though.
When you choose to license your intellectual property, you open the door to potential benefits. You can be the licensor, earning royalties from others using your rights, or the licensee, gaining access to IPRs that can enhance your business.
No. 9
check ip
What you can do with your intellectual property rights (IPRs), your competitors—both those you know and those you don’t—can do with theirs.
As a business owner, you are expected to drive your business lawfully, which includes respecting national and international laws, including intellectual property rights laws, competition laws, marketing acts, contract laws, and the rights that these laws give you or your competition.
You need to check yourself; there is no service. If you infringe on someone else’s rights, it’s your fault—and nobody else can be blamed.
Bonus 1
FIGHT with IP
How do you enforce your intellectual property rights?
There are many things you can do, and I would love to teach you how the preventive work you do is also empowering you to fight like a pro, clean and fair, but with an effective punch.
However, you should not fight alone – remember to prepare well for the work your IP lawyers and patent attorney do for you.
Remember to think about the strategic value of your IP and don’t abuse it.
Bonus 2
Fight against IP
Some of my most devastated customers are those who had a phone call from a lawyer. The lawyer often represents a competitor and tells them to stop their marketing campaign or destroy their products for intellectual property rights reasons.
Many do what they are told because they don’t understand how the system works. If they did, they could have fought back.
Not all IP that has been issued by patent or intellectual property rights offices around the world are valid. Knowing how to invalidate granted patents or other intellectual property rights may come in handy when you find potential show blockers on your way.
When you know what to do, a highly stressful situation can be more easily managed.
Bonus 3
Let IP Go
You do not need to hang on to the intellectual property rights you once found essential to your business strategy.
A big part of my professional work at, for example, Novo Nordisk or Zealand Pharma has been ” pruning” patent portfolios based on active product developments, collaborations, reduction of investment, etc. (if you want to connect with me on LinkedIn, please feel free)
Don’t paint yourself into a corner. Depending on your business type and strategies, you may—or may not—need them forever (or as long as you can pay for them with money).
Learn from others how to use intellectual property rights (IPRs)
You don't need do do it alone
Partner with me to identify your business’s right IP rights opportunities (and risks).
It can also be motivating to connect with others who understand the challenges and overwhelm that can arise at the beginning of this journey. You can discuss questions and concerns you may not think of alone.
By aligning these protections with your business strategy and vision, you can effectively prevent and address piracy and plagiarism (rights infringement) before negatively affecting your sales and revenue.
Don’t know where to start – or which questions to ask (first)? Let me help you figure things out…
Then, if you have not already taken advantage of it, you can book a “one-off” free 15-minute call with me to get you started. There are no strings attached.vOr book an entire sparring session through the booking site if you have already spent your 15 free minutes with me.
