According to the United Nations World Intellectual Property annual overview, global patent filings reached a record high of 277,500 international patents filed in 2021, up 0.9 percent from the previous year. This is a strong indication that global innovation is not delayed, and in order to keep up with the pace, young entrepreneurs must be given the necessary resources and methods to preserve their innovations, particularly those founded with a social purpose in mind.
Recognize what you need to protect and seek out the appropriate measures
Patent protection may be essential to business success in the future if technological innovation is at the foundation of your products and services. When it comes to making investment selections, investors are likely to prioritize strong patent rights. If you plan to spend a lot of money on marketing and improving the look and feel of your products and services, you should consider getting your trademarks and designs registered. As a general rule, registering your intellectual property rights early on will result in broader protection and a better possibility of validity.
Determine the scope you’ll need today and in the future
Whether you’re looking for trademark, patent, or design protection, rights are registered country by country. If you decide to expand abroad in the future, the rights you sought for before may not be sufficient. However, early judgments might be irreversible, especially when it comes to patent and design rights. As a result, you must keep an eye on the future from the start. When performing a freedom-to-operate exercise, the same rules apply. For instance, just because you have established freedom to act in relation to a brand name in one jurisdiction does not mean you have the same rights in another.
Revisit your protective measures
Your IP protection should expand in tandem with your business’s range of products and services. You should examine your IP protection on a frequent basis to ensure that it meets your current and future commercial goals. It’s especially crucial to examine your security before releasing any new product or service.
Intellectual property rights provide more than just a competitive edge
The goal of registering intellectual property rights is to create a market monopoly. As a result, rights have a monetary worth that can often be realized. Rights can be licensed (in or out), purchased or sold, used to raise capital, and even used as loan collateral. It is critical to take a multi-dimensional strategy when deciding whether or not to seek registered IP rights.
As innovation continues, and today’s young minds develop ideas that can generate positive change on a local and global scale, it’s critical that they understand how to safeguard them. History has shown that ideas that are well-protected are more likely to succeed.
When it comes to starting a business, especially one with a social mission, having IP rights in place from the start is critical. Entrepreneurs may not only protect themselves but also maximize the opportunity they have to benefit the larger community by doing so. However, in the haste to scale up and drive change, IP rights are all too often overlooked – a problem that is exacerbated by the fact that IP rights are seen as both daunting and costly.
Entrepreneurs should ask for guidance from experts in the field to help them access value from IP protection and effectively explore the world of IP. Not only will this make sure that they get the appropriate protections in place, but it will also lessen the pressure of doing so and make sure that they are protected from infringement and that their business can meet its purpose.
You can find the list of global IP firms here.