Intellectual Property Market Research

In the world of business, intellectual property issues are increasingly being encountered given its highly globalized environment wherein thousands of companies participate. Given the level of competition resulting from this climate, companies realize the importance of protecting its intellectual properties. IP includes a broad range of concepts including trade names (such as “Starbuck’s”), an industry report conducted by a research firm, movies, images, books, cooking recipes, medicines, trade secrets, manufacturing processes, and architectural design.

The most common issues that often lead to expensive and painful litigations are allegations of patent, copyright, and trademark infringements. Following the technological infrastructure upon which modern businesses now thrive, property rights pertaining to digital content, software design, domain names, and databases are also hotbeds of confrontations. This makes IP an important component of any business intending to thrive in the global arena.

For managers, knowledge of IP fundamentals will not only help protect their companies’ intellectual assets but also help steer their companies away from hostile legal suits arising from allegations of IP infringements. The sheer abundance of players, products and services in just about any business sector increases the risk of companies from having their intellectual assets misappropriated by other entities. While some infringements are unintentional, others are calculated and committed by unethical business entities.

Today’s managers recognize that to remain competitive, companies need to continually design and develop innovative products and services. Given the countless players lobbying for their respective interests in any given industry, innovation and creativity are the two staple currencies that help distinguish a brand or a company from its competitors. Without either, companies will become stagnant and will eventually relinquish its market share to its competitors. Any product or service that have been developed through innovation and creativity is, in a fundamental sense, an intellectual asset of the individual or organization that designed it.

However, the product designer or owner is not guaranteed protection unless it can legally prove that it holds ownership of the product. This largely depends on domestic IP rules. When translated into the international landscape, the inherent challenges of fairly resolving IP issues are further compounded. This is because different countries have different laws that govern intellectual property and even signatories of the same international IP protection agreements differ in how strictly and effectively they implement the rules in the home front.

Even so, managers of organizations that adhere to the best practices of global business are compelled to follow and implement internationally recognized IP protection laws. Pursuing intellectual property rights (IPR) is in their best interest because:

1. It safeguards the assets that give companies a competitive advantage
2. It enhances branding
3. It deters companies from infringing on existing rights
4. It can be leveraged as a revenue stream through licensing or technology transfers
5. It adds market value to a company