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Using Intellectual Property to Increase Business Value

Intellectual property rights have significant implications for individuals, businesses, and society as a whole. Based on the type and the business, it is important to utilize intellectual property rights to improve business value.

Innovation and Creativity: Intellectual property rights encourage innovation and the creation of new works by rewarding creators and inventors for their efforts.  These are ways for businesses to differentiate themselves from their competitors by showing their advanced technology or making customers see them in a relatable light.  

Economic Growth: Strong intellectual property protections can attract investments, stimulate competition, and create jobs, contributing to economic development.  If you own protected intellectual property in the form of patents, trademarks, copyrights, or protected trade secrets, you can license to others exclusively or non-exclusively.  

Consumer Trust: Trademarks help consumers identify products or services from trusted sources, as they associate brands with specific quality standards.  This is highly valuable to your business as you become the “go-to” provider of that good or service and the bar everyone else is compared to.  

Cultural Preservation: Copyrights and artistic sponsorships ensure artists, authors, and creators are fairly compensated for their contributions to culture, promoting the continued creation of music, literature, and art.  Your business can gain social awareness by being seen as a supporter, promoter, or cultivator of artistic endeavors in your area.

National and Global Trade: Intellectual property plays a crucial role in national and international trade, helping businesses protect their brands and innovations as they expand into new markets.  If you expect to do business outside of your local area, common law protections may not be adequate.  Formal rights provide national protection and can establish a basis for international protection by putting the world on notice and establishing a presumption of validity to your intellectual property as you seek international protection.

There are many other opportunities to utilize your intellectual property, but these are some important ways a business can see what they have and what level of protection they should seek.  If you have questions, contact us today at (605) 275-5665.