Tools for your IP-strategy to elevate your business
IP & the likelihood of success
IP Strategy - Why Intellectual Property (IP) rights matter
Do you appreciate statistics and real-world stories to inform your decisions? Here’s a compelling collection of data and arguments that underscore the importance of protecting intellectual property rights (IPRs).
There is not just one reason to be interested in learning about intellectual property rights(IPRs): when you are starting or growing your own business, are employed in a small or large company, collaborate with other businesses, are seeking funding, or want to set yourself up for success in your industry in general.
Let me set the scene with the main reasons below.
Boost your success factor
IP opens doors
On average, startups that apply for trademarks and patent rights early (e.g., before they seek funding or shortly thereafter) are more likely to secure financing successfully (EUIPO and EPO study from 2023). According to this study:
Read more...
- Registering a trademark increases the likelihood by a factor of 4.3
- Applying for patents pushes the factor even higher to 6.4
And this is by far the only study about the success factor of IPRs.
Higher status & reputation
Signal "I mean business" - it works!
There is a common misconception that intellectual property (IP) is only valuable to businesses that can afford to enforce it, which often involves costly and protracted legal battles over intellectual property rights (IPRs).
In reality, simply owning a trademark,
Read more...
understanding and declaring your copyrights, submitting patent applications, and carefully reviewing contracts can significantly influence how your competitors, customers, and potential partners perceive you – and demand their respect.
This study by the EUIPO from 2022 confirms that 58% of SMEs who registered IP, experience a positive impact on their image.
Brand value & protection
You name, design, the way you write and package things...
The brand, trade secrets, content on your website, and social media, among other assets, of your business can be worth a lot. And often this is overlooked by companies, which base all their efforts on patents.
Read more...
Your business is so much more than your technology and products or services, and trademarks, copyrights and design rights can play a pivotal role in making sure no-one gets too close to confuse your customers to believe you are them – or they are you (or that you collaborate…)
Stability & sustainability
Prevent others from taking your revenue
Maybe this one isn’t that surprising…
The same study from 2022 also reports that SMEs with registered IPRs consider their level of security heightened.
But let me tell you this: In that same study, SMEs who did not invest in registering IPRs, the arguments were
Read more...
that the cost-benefit was not perceived was orth it, possibly because there is a knowledge gap about IPRs, opportunities, and risks, that needs to be filed. (Maybe by me?!)
Make it - own it - keep it - sell it
if you can own it - you can sell it
Listen, a business can succeed in many ways. Sometimes, the only thing you want with your business is to sell it off to someone else later.
Mark Zuckerberg did it.
But smaller players can do it, too.
Read more...
For example, building a community and brand with a blog or YouTube channel, like Brock Mc Goff did (link to Reddit post about his journey), can be so profitable that someone else is willing to pay considerable money to take it over. IPR-wise, this deal likely involved domain names, trademarks, copyrights, trade secrets, and contracts.
Avoid expensive conflicts
Don't just demand respect - show respect too
Did you know that about every 12th European and every 6st Danish SME (on average) experiences unfair copy accusations?
Read more...
In Finland, Denmark, and Sweden, small and medium-sized enterprises (SMEs) have expressed significant concern in the EUIPO 2022 SME Scoreboard. 23%, 19%, and 14% report that they suffered from false or unjust copy-accused (infringement of a competitor’s rights).
SMEs in other European countries, such as Malta, Slovakia, and Slovenia, don’t report anything near this frequency (0%, 1%, and 1%, respectively). When you understand your – and your competitor’s rights, you can avoid such conflicts and handle them professionally if they happen.
Bancruptcy blow softener
Iprs can sweeten an otherwise tough situation
On a more serious note, even if your business is not profitable and might go bankrupt, your intellectual property (IP) may still hold value.
Read more...
There are various reasons why a business might fail, but the creations and assets you’ve built can still have worth that could ease the pain of bankruptcy or even present a viable business opportunity.
Maybe you can use them to avoid bancruptcy?! Wouldn’t that be nice?
To monetize your intellectual property rights (IPRs), you need to own them – and understand how to utilize their power to your benefit!
What if you are accused of copying?
Do you know what to do?
80% of people reaching out to me do so because they are experiencing one of two things.
Either they feel copied – or they are accused of being copied.
Some have already acted in a way that makes them regret BIG TIME; others have not done anything yet but want to – without escalating the conflict with unbearable legal consequences and costs for their business.
Only a few know that such conflicts can harm your reputation and revenue (and profit) and be very stressful if you are ill-prepared.
Your product is unique, but...
The strategies you can use to protect it, are not
While your products or services may be unique, the process of developing ideas and bringing them to market often mirrors what others have done.
This means you’re not alone; many have succeeded and failed before you. You can learn from their experiences to save time and money while achieving your goals with fewer surprises.
Although it’s important to focus on what differentiates you from the competition, the development and marketing strategies often align with proven methods.
This could be your Business Strategy
Take a look at this 7-step high-level Business Strategy, which also highlights some timing considerations when investing in intellectual property rights (IPRs) or mitigating IPR risks can play a crucial role in supporting your business interests.
STEP 01 - invest and build your business
Business strategy
While developing your business strategy, you build assets, solve problems, and potentially improve existing technology or invent something completely new.
You must understand what trade secrets, inventions, patentable inventions, discoveries, and publications are – and what they mean to your options for safeguarding your investments.
STEP 02 - secure your investment
IP strategy
If your IP strategy isn’t part of your business strategy, it will likely be your next priority, even before seeking funding.
A solid IP strategy can attract the right financing and partners while preventing potential misuse of your intellectual property. Investors prefer security and are more inclined to back businesses that have achieved a monopoly.
Protecting your IP first reduces the risk of failed protection and premature disclosures, so be careful when signing non-disclosure agreements.
If you’re uncertain about your IP strategy, consider a mentoring session or my introductory patent course.
STEP 03 - development budgetting
Attract funding
Patents and intellectual property rights can significantly enhance your ability to attract investment. They demonstrate your business’s potential, as investors often look for patent ownership in significant markets.
Strong patents can increase your chances of mergers, acquisitions, or IPOs up to sixfold, depending on your industry.
Remember, your investments can be protected by IPR, adding transferable value for potential buyers.
STEP 04 - hire people
More people - less control
Sharing your insights, business models, processes, and strategies with a broader audience increases the risk of losing your competitive edge, potentially leading to breaches of confidentiality, legal issues, and damage to your reputation.
Training in confidentiality and trade secrets, like unique processes and customer lists, is essential.
Risks may also jeopardize future patenting opportunities and pressure you to reveal sensitive information too soon, impacting your market position.
STEP 05 - develop and improve assets
From product type to final product
During product development, it’s common to improve things compared to prototypes or “minimal viable products.” Under pressure and budget restraints, it’s easy to overlook the potential for new IP protection from changes in the product, its materials, the production process, functions, parts, etc.
If you want IP to play a key role in protecting your success, ensure your IP strategy aligns with your business and product goals – and continuously update it to match what you’ve done and where you are going!
This will help you to limit competitors’ opportunities to use your products protected by IP, maximize revenue, and secure returns on investment.
Pro tip: Always view changes and overcome challenges as opportunities for protection.
STEP 06 - don't let them stop you...
Show stopper checking
With every proof of concept or prototype, there’s a risk of infringing on competitors’ rights.
To safeguard your business, proactively use intellectual property rights (IPRs) to protect your innovations and avoid infringing on others’ rights. Ignorance of existing patents won’t shield you from conflicts or financial penalties.
Smaller businesses can suffer significant damage from such issues, so identify potential conflicts early and address them – it’s a crucial part of the game!
STEP 07 - sell your product
Launch and marketing
Before launching, carefully review your plans and protect the work you put into marketing and sales.
Remember, there’s IP to protect not just technology but also your brand, visual identity, marketing materials, slogans, and packaging. Your business success and revenue depend on all aspects of your work.
You probably know that a launch is a significant investment, so ensure you have the necessary rights and can reach your target customers. Investing in marketing only to face third-party rights roadblocks can be a setback that ruins more than just your mood.
Check that competitors’ IPRs don’t disrupt your launch and that you comply with all relevant laws.
Nothing lasts forever - make sure your collabs start and end well
Creating success together is still is a competitive business
Whether you hire an external workforce, support, assistance, or a consultant, you are employed as one.
Please understand the rights involved and generated so that you don’t end up with infringed rights or massive conflicts due to misusing your partner’s rights. Knowledge is the best protection against expensive mistakes.
IP-strategy is about mitigating risks professionally - also in collabortions
Discuss and negotiate who owns the collaboration result, inform your employees, and consider what you share and how much. It’s not that difficult, but it needs your attention.
This is the place to get the IP knowledge, strategies, best practices, and easy-to-implement processes to train yourself, your partners, and your employees—without all the legal disclaimers and complicated lingo.
Your business is worth it!
Don't hold back - start your IP Strategy today
Use my expertise to strengthen your copy defenses and avoid infringing on others’ rights. Let’s make sure you protect your work effectively.
