A regular and exclusive series addressing some of the major challenges facing SMEs today. Icehouse Insights also highlights some of the possible solutions you can weave into your business to solve common issues.
Many SMEs and start-ups fail to consider intellectual property at the beginning of their journey. Yet understanding, identifying and legally protecting your intellectual
property is an urgent necessity.
Not only can it protect you from competitors stealing your most valuable assets, incorporating IP into your business strategy can give your products, processes and services much short and long-term monetary value.
Intellectual property protection gives businesses the freedom to trade, distinguishes you from your rivals and strengthens the potential for sustainable growth. SMEs that manage their IP effectively are often better placed to identify risks and grow their business.
In May 2019, the European Patent Office reported that SMEs that apply for patents, trade marks or designs have a greater probability of experiencing high growth than SMEs that do not. ‘SMEs that have filed at least one IP right are 21% more likely to experience growth, and are 10% more likely to become a high-growth firm than those without IP rights applications.’
INTELLECTUAL PROPERTY TYPES
Intellectual property rights include; trademarks – to distinguish your good and services, patents – for new inventions, and copyright – for creative works like books and paintings and software.
Trade marks set your goods and/or services apart from your competitors, so they protect your brand. Trade marks may be words, phrases, logos, shapes, colours, sounds or even smells. Trade marks increase in value as the mark becomes established in your market and can be sold on or licensed to other parties in the future...
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