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Should IP be part of a small or medium business’s new product development strategy?

Should IP be part of a small or medium business’s new product development strategy?

Should IP be part of a small or medium businesss new product development strategy

Have you heard the popular belief that IP rights belong to big corporations and that intellectual property (IP) is extremely expensive for SMEs? We’ve got some good news for you: having a successful global IP plan does not require a massive budget, especially if you’re willing to learn a bit.

According to recent research, SMEs with a single IP right, such as a patent, trademark, or design, generate 67% more income per employee than their competitors who do not have any IP rights.

An IP plan should always be included in your SME’s New Product Development Plan. IP protection is inexpensive and should always be considered when dealing with a professional patent and trademark attorney and using the right approach. Some basic actions can help to lower IP expenses and offer a good platform, to begin with when developing an IP plan. Working with supporters who have been down the commercialization path previously will help de-risk your IP journey.

Let’s pretend that you and your team are working on a new product. Despite the numerous obstacles, you are confident that it will be a market success. You have a long and costly road ahead of you in terms of commercialization. Should you invest part of your limited resources in intellectual property? And, if so, when and how much will it cost?

Although each scenario is unique, the following are some issues to consider:

Grow your SME with intellectual property

If you responded yes to at least some of the above questions, you should consider intellectual property protection and patent searches.

Large companies, whether they are consumer product companies, medical device companies, research institutions, or food and wine companies, typically have a well-developed IP plan to navigate issues such as freedom to operate, when to pursue patent rights, and how to license IP. SMEs, on the other hand, may only cope with IP issues very seldom and may have a more tough time trying to navigate the patent system.

Fortunately, IP protection regulations (patents, trademarks, design, and copyright) are all meant to keep the costs down early in the product life cycle. Costs continue rising, usually years later, and preferably when your product is producing significant revenue. Expenses, on the other hand, are always within the control of the owner.

Agreements between jurisdictions enable for a single patent, trademark, or design can be filed in one country to serve as the foundation for subsequent filings internationally. This keeps the initial expenses low while yet allowing for filings in the United States, China, and Europe (and in hundreds of other countries). Applicants have 12 months from the date of their original patent filing to submit patents in other countries, and this time limit can be extended to 30 months by filing an international (PCT) application. Six months is given for trademarks and designs.

Following an initial filing, a medical device start-up, for example, may concentrate on a limited number of countries with well-established health systems and efficient payment processes (e.g, the UK or China). A resource start-up or SME can concentrate on nations with well-established and low-risk pathways to market (e.g. one or more of Canada, South Africa, and Australia). Each business should carefully assess whether countries are important to its business plan and if the costs, risks, and advantages of registering IP in those countries justify the costs, risks, and advantages.

You may be concerned as an SME about the high costs of enforcement. Fortunately, enforcement action is unusual and usually takes place several years later, after income has been produced. Obtaining IP rights may be viewed as a type of insurance, as it gives you the ability to assert your rights at a later date. Furthermore, a strong and layered IP position prevents rivals and attracts investors.

You can find the list of international IP firms here.

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