This is the 25th World Intellectual Property Day. This year we are proposing a new formula for celebrating this event – a series of tips and hints on intellectual property, with a focus on the commercialisation aspect of IP rights.
Why celebrate World Intellectual Property Day?
World Intellectual Property Day was established in 2000 to mark the 30th anniversary of the World Intellectual Property Organisation (WIPO). Since then, on 26 April each year, events, conferences and various other initiatives have been held around the world to raise public awareness of IP issues and to encourage respect for the IP of other individuals and entities.
It is also an excellent opportunity to remind businesses in particular of the importance of patents, trademarks and designs. And the value that lies in the intangible assets of every company.
What are intellectual property rights
Simply put, IP is a set of legal tools that protect the intangible creations of the human mind. In a business context, IP is a company’s key assets that determine its competitive advantage, such as:
- Patents – protecting inventions and technical solutions
- Trademarks – protecting logos, names and symbols that identify the company
- Copyrights – protecting literary and artistic works or computer programmes
- Designs – protecting the unique design of products
- Know-how – business secrets
Where a company’s intellectual property lies
What is most valuable to many organisations is often dispersed across different parts of the business and located in different teams. It may not be visible at first glance, for example in:
- Technical documentation and product specifications
- Production processes and methods
- Names, logos and advertising slogans
- Software and databases
- Customer relationships and contracts
- The knowledge and experience of staff
- Marketing materials and content in the company’s sales channels
Commercialisation of IP rights
Intellectual property and its commercialisation is not just a theoretical designation confirmed by national and international patent offices, but above all a huge business potential for the company. Did you know that IP often represents up to 70% of a company’s value?
Identifying and acquiring IP rights gives companies priority in the use of designations (trademarks) and technical and technological solutions for which they can obtain a patent. This gives them further opportunities to license or sell these rights to others.
Well-managed intellectual property rights can also:
- Provide security for raising finance
- Enable entry into new markets or business models
- Protect against unfair competition and copying of solutions
However, without the implementation of upstream processes in day-to-day operations, especially in complex business structures based on new technologies, there is a high risk that IP rights will remain unprotected. And this can have very serious consequences, including loss of market, customers and business.
The company’s IP is worth looking after
Investment in IP protection pays for itself many times over, and funding can come from a variety of sources, such as loans and grants (e.g. the SME Fund), tax relief, strategic partnerships and others.
However, it is important to remember that proper management of intellectual property is not a one-off activity, but a continuous and ever-improving process that should be an integral part of any company’s development strategy.
And this is what we will be reminding you of over the coming weeks, to encourage every organisation to protect its intellectual property rights.
Any questions? Contact us
