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.
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:
And this is by far the only study about the success factor of IPRs.
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,
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.
The brand, trade secrets, content on your wesite and social media etc. of your business can be worth a lot. And often this is overlooked by businesses, who base all their efforts on patents.
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…)
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
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?!)
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.
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.
Did you know that about every 12th European and every 6st Danish SME (on average) experiences unfair copy accusations?
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.
On a more serious note, even if your business is not profitable and might go bankrupt, your intellectual property (IP) may still hold value.
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!
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.
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.
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.
While you develop your business strategy, you build assets, solve problems, and maybe improve “old” 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.
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. 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 basic patent course.
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.
Sharing your insights, business models, processes, and strategies with more people increases the risk of losing your competitive edge, 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.
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.
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!
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.
Whether you hire an external workforce, support, assistance, or a consultant, you are employed as one.
Please know that you need to understand the rights involved and generated so you don’t end up with infringed rights or massive conflicts because you misused your partner’s rights. Knowledge is the best protection against expensive mistakes.
Discuss and negotiate who owns the collaboration result, make your employees aware, 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.
My services are designed to assist businesses in effectively utilizing tools that create opportunities and safeguard their intellectual creations. I specialize in elucidating the intricacies of intellectual property rights, including patents, trademarks, and copyrights, which serve as the foundational elements of my practice.
I offer consultancy in formulating a tailored intellectual property strategy that aligns with the unique objectives of your business. Furthermore, I provide a comprehensive introduction to intellectual property, facilitating informed decision-making regarding the exploration of various domains.
Investing in PATENTsmarter™ and my associated services constitutes a judicious decision, even for those currently collaborating with patent or intellectual property attorneys. By articulating your needs prior to engaging their services, you can enhance operational efficiency. Additionally, when the time arises to implement their recommendations, having an adept guiding resource may prove invaluable.
Maximize your investment to achieve successful outcomes.
Courses, Events, and Workshops are available as pre-planned structured knowledge products online (Zoom meetings) and/or offline (small groups at my office or a pre-booked meeting venue in Denmark). Associated content is available through the online platform and your account.
If you need more specific details, such as your access duration and specific topic or structure, make sure to read the product description thoroughly.
Depending on your needs, we can plan a IP project, course or workshop within your budget together – or choose a less structured approach with individual Sparring Session or Sparring bundle bookings.
Read the product description thoroughly if you need more details, such as your access duration and particular topic or structure.
Book a free 15-minute call with me to discuss your next steps, with me as your sparring partner. It’s a fantastc opportunity that can get you started faster than you may think.
If you have already booked that free session, you can still book a 20-minute sparring session with me instead.
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