IP Strategy: Why Does It Matter?
If you’re running a heavily branded, consumer facing company (regardless of whether you’re providing a service or product), the company’s brand is an invaluable corporate asset. In addition, if you are a talent who is raising your own profile, you yourself may be a brand as well. Trademarks law is the ultimate legal tool to protect that asset. Unfortunately, a lot of companies are unaware of the value that intellectual property has and are skeptical about investing in their intellectual property. The realization that intellectual property is a significant business asset will only benefit the business. The Federal government recognizes that intellectual property intensive businesses enjoy increased profitability, as well as positively impact employment rates. Moreover, statistics demonstrate that intellectual property intensive companies are more likely to export globally. This is the realization that intellectual property is a significant business asset, which is a fact that is underappreciated by Canadian businesses.
How Can Owning IP Rights Benefit My Business?
Owning IP rights can create a competitive advantage for your business, allowing your company’s IP to turn intangible assets. Some of the ways in which IP rights can help your business include:
Increase your company’s valuation
Protect your company’s hard-earned reputation
Generate a new revenue stream through licensing
Show investors that your company is innovative and worth investing in
Deter competitors from knocking off your company’s key products and services
Provide an enforcement tool
Obtain competitive intelligence on key competitors via IP data
Another advantage of investing in your intellectual property can include achieving business goals by using a portfolio of intangible assets or building a collaborative culture that maximizes ROI for IP investments.