Importance of IP
Protecting and managing your intellectual property (IP) is critical when establishing your product or service in the market. IP provides a competitive advantage for your business, product or service, and can be the difference between success and failure. As an important element of your business strategy, IP can distinguish a business from its competitors, and provide valuable licensing and manufacturing potential.
IP provides a wide range of advantages, including:
- competitive first mover advantage
- effective brand protection
- product development protection
- ease of product and service valuation.
IP should be secured prior to disclosing your idea to others, as once the idea has been disclosed, it is often no longer possible to obtain IP protection.
In choosing not to protect your product or service, your idea or invention may be breaching another registered IP, which can result in lawsuits and financial penalties.