IP Services Hyderabad

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Intellectual Property
The Underdog of the Business World
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ys.com/ip-services/
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Introduction to IP
The world today is a knowledge economy. Ignoring
the strategic potential of intellectual property
and its use for businesses would be the biggest
corporate blunder. Intellectual Property or IP is
the term that is used to describe something
original or new devised by the mind. Anything new
or original can be an IP, be it a brand, an
invention or an art. For businesses, the
protection and management of ones IP assets are
crucial while establishing the services or
products in the market. IP includes trademarks,
copyrights, patents, etc. that are applied to
brands or logos, written content, art and design,
or innovative products. Many companies are
increasingly realizing the contribution of IP
protection in the success of a company and
therefore, comes the need for Intellectual
Property (IP) services.
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ys.com/ip-services/
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Use of IP for Businesses
IP is often one of the primary reasons for growth
of economies and companies. Companies rarely
realize that they have various intangible assets
which possess more value than their tangible
assets. IP rights of a business prevent other
companies from duplicating its services or
products. They also help develop a strong
identity for a brand by ensuring that it stays
unique and exclusive. They help companies in
earning revenue through IP transactions such as
licenses. They also help companies obtain venture
capital through legally protected IP assets. In
addition to these, there are innumerable other
benefits of IP rights for companies. IP rights
endow competitive advantage for companies.
Businesses should consult IP service providers to
find out what kinds of IP protection is
applicable to their assets and products, how they
can generate revenue by protecting their IP,
which assets require IP protection, and how they
can protect their IP from infringement.
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Use of IP for Businesses
IP is owned by the business owner or the
stakeholders of a business. Any IP related
contracts made with subcontractors and employees
should clearly state the owner of the IP that
will be created by them for the company. That
way, any product developed or used by employees
or contractors continues to remain under IP
protection and measures can be taken to avoid IP
infringement. There are various types of IP
protection and the kind of IP protection depends
upon the type of intellectual property developed
or created. More than one type of protection may
also be applicable for a specific asset. IP
services are often sought to find out what
different types of IP protection can be applied
to a companys individual assets. This requires a
review of all the tangible and intangible assets
of the enterprise. To be able to use IP to their
benefit, companies should know what it is, how
they can use it, why they should use it, who the
owner of IP is and how it can be commercialized
to generate revenue. It is essential to integrate
business plans with IP strategy to give a
competitive edge to the company. One can combine
both registered and unregistered IP rights to
enhance the IP protection of assets.
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Secret Keeping Enhancing Market Value and
Profits
To obtain a design or patent, it is necessary
that the asset should be novel and undisclosed to
anybody outside the organization. Companies
should keep in mind that they should keep their
inventions or designs secret and away from public
view until they file for a patent. Moreover, one
has to choose between different types of IP
protection for the same asset. For instance, if
one applies for a patent with regard to a chips
recipe, everything has to be disclosed in the
patent. If a company does not wish to disclose a
secret recipe, it may choose to go for trade
secret protection instead. With the right
approach, companies can increase their profits as
well as market value. When a company has an IP
protected service or product, its demand in the
marketplace increases. Investors and financers
also value products that are legally protected.
More revenue can be generated by licensing or
franchising the product, resulting in increase in
profit margin and market share. While selling a
company or during a merger, the value of a
company is high if it has IP protected assets.
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Secret Keeping Enhancing Market Value and
Profits
Therefore, it is always advisable to seek IP
services in order to ensure strategic utilization
of a companys assets. Through patents, companies
can earn revenue through licensing and royalty. A
major advantage of this is that a small or medium
enterprise may have a patented invention but no
capital to commercialize it, in which case it can
license it to another company that has the
capacity to commercialize the invention. This
way, the enterprise continues to earn revenue for
its invention without the need to commercialize
the invention on its own.
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Developing an IP Strategy
Companies can develop their IP strategies in
consultation with IP service providers. In order
to develop a good IP strategy, companies should
first identify the different ways in which they
can integrate their business plans with their IP.
They should search available databases for
trademarks, patents, and designs to make sure
that their ideas, designs or concepts are new and
that they do not possibly infringe on the IP
rights of others. The benefits and risks
associated with both registered and unregistered
IP rights should be weighed. It is imperative to
increase awareness among employees and staff
regarding their obligations towards the
maintenance of confidentiality. IP audits should
be conducted to ensure that the company owns an
IP especially when the asset is prepared or used
by contractors or third parties. Companies should
also be aware of IP insurance and IP
infringement. Assets that are related to IP are
domain names trademarks, patents, designs,
copyrights, franchises, licenses, mastheads,
distribution agreements, publishing rights,
secret formulas, core technology, secret
processes, software, and information databases.
All these are generally covered through IP
services.
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Developing an IP Strategy
Whatever be the niche product or service of a
company, the entire process invariably results in
the production and application of IP. If
businesses fail to realize the importance of a
good IP strategy for the success of their
business, they will lose a grand opportunity, or
sometimes the only opportunity, of ensuring
business growth and success. Not only should the
IP of a company be identified, but should also be
properly managed and protected. At the same time,
companies need to ensure they are not infringing
on the IP rights of other companies or
individuals. Not realizing so can result in huge
amounts of unforeseen losses for the company.
Many enterprises have reported great losses due
to litigations and disputes that may have
resulted from an innocently ignorant infringement
of the IP rights of other companies. Most firms
offering IP services therefore offer advice and
counseling on their clients IP strategy but also
review existing assets to ensure they do not
infringe other IP rights. It is also important to
monitor other products and services to ensure
that other companies are not infringing on ones
own IP. Making the right choice of IP protection,
whether patent or trademark or copyright, etc. is
essential to ensure that maximum benefits are
drawn from intellectual property. Legally
protected assets are the most prized assets of
any company and therefore directly influence its
revenue, market value and strength of brand
identity.
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