If you think Intellectual Property (IP) rights only protect your ideas and concepts, then you are wrong; what it actually protects is your genuine assets that can be essential to your products and services, or to your business success and profitability.
There are numerous advantages you can reap upon securing your IP rights and that’s whether you had it registered through the help of patent attorney in the Philippines or elsewhere!
There are many advantages of securing your intellectual property rights. Among these are:
Improved business’ market value
Intellectual property can generate income for your business through licensing and selling or commercialisation of protected products and/or services. In return, this can boost your market share and ideally raise your profits. In case of sale, merger or acquisition, having registered and protected assets can raise the value of your business.
Idea conversion to profit-making assets
Ideas on their own have little value. However, IP can help you convert your great ideas into commercially successful products and/ or services. Like for instance, registering your patents or copyright may lead to a steady stream of additional income which can improve your business’ bottom line.
Product and/ or service marketing
Intellectual property is vital in developing an image for your business. Consider taglines, symbols, trademarks, or logos of your business. It is IP which can help you be identified in the very competitive industry. It enables people to differentiate your products and services in the market.
Business finance acquisition or raise
You can monetize your assets through selling, licensing or using them as collateral for debt financing. In addition, you can use your IP as an advantage when you’re applying for public or government funding like grants, subsidies, and loans.
Business export opportunity enhancement
It is possible to increase your competitiveness in export markets through intellectual property. You can make use of your brands and designs to market products and services abroad, look for franchising agreements from overseas companies, and export your patented goods.
Whereas there are automatic IP rights, others will have to do formal application and registration before one can use them.