Benefits of intellectual property – Numerous advantages for entrepreneurs
There is no doubt that every individual needs to protect his ideas, so that he can take advantage of his creations and prevent their theft or even exploitation by others. For businessmen and entrepreneurs, the business concept represents the backbone of any project. Without concepts, business cannot exist. Moreover, entrepreneurs invest money to develop business ideas. Therefore, it is necessary for them to protect this investment, which highlights the importance of intellectual property protection. Intellectual property provides entrepreneurs with many advantages in order to protect their ideas and creations. The following are the main advantages of intellectual property protection:
- Intellectual property protection helps entrepreneurs maintain their long-term competitiveness. In addition, registered intellectual property rights ensure that entrepreneurs reap the financial benefits of their ideas. In turn, the continuous revenue flow will ensure the business succeed and grows at a steady pace.
- Registered intellectual property rights are considered an asset and a source of strength for entrepreneurs, helping them convince financial institutions to invest in their businesses, attracting further funds to develop and grow the business.
- Registered intellectual property boost consumers’ confidence that the products they receive meet the required standards and achieve appropriate quality.
- When entrepreneurs make profits and benefit from intellectual property protection, they will have the ability to take risks and develop new innovations, and thus they can invest their profits in the development of new ideas.
- Ownership of intellectual property rights enables entrepreneurs to grant franchises at no risk. It also enables entrepreneurs to expand their business more easily in the market as well as their products and services, thereby increasing the financial returns of their businesses.
- Intellectual property protection also offers indirect benefits. For example: some countries provide tax exemptions or tax cuts on profits arising from the sale of products covered by registered intellectual property rights, which in turn can directly increase your business. The cost of securing these intellectual property rights is often very small compared to the gains that business will make as a result of lower tax rates.
- Intellectual property can also serve as a useful monitoring tool for competitors’ activities. Published patent applications, registered designs and trademark registration applications can all refer to the technical and commercial trends that competitors are adopting or considering. For example, published patent applications contain technical information relating to inventions. This technical information can refer to the current technology field, which is the focus of attention of the applicant or even the owner of such inventions. Registration applications for a new trademark can reveal a new line of business, or even the possibility of changing the corporate identity that a company currently adopts.
It is worth noting that all these materials are accessible to people, and can present a valuable source of commercial information not available elsewhere.