Business development and IP protection

Nov 252019

Intellectual Property is something that has become extremely important for any business in the market with cut-throat competition. In the last ten years, people in the business have started to value their security much more than they used to, in earlier times. Intellectual Property includes copyrights, patents and trademarks and what you want as a business, totally depends on your type of work and needs. Patent Authority in India ensures that you get what you have applied for in time and with minimal procedures.

Applying for Patents or Copyrights can be a tedious process with lots of money involved. The process takes time and demands your attention and patience. Everything is worth if you get the IP rights as it will sooner or later show results to you. Most of the companies try to get IP protection in their initial stages but even if you are already established in the market and could not apply for IP protection earlier due to time or economic factors, it is never too late to apply. When a business is establishing itself in the competitive marketplace, it becomes very important to realise the value of Intellectual Property as the presence or absence of it can decide the success and failure of the business.

Security
One of the most important things in business is the security. It can be financial, security of existence or feeling secure about your place in the market. Nobody wants their ideas to be stolen, especially when they have put their sweat and blood on it. You donate all your valuable time and money for an idea because you want it to be different from others and unique to your business. One day you get to know that your unique idea is not unique anymore and has been stolen. You are helpless as you cannot prove to the law that the idea was originally yours.

This is where Intellectual Property comes into the picture. If you have taken Intellectual Property rights, your name will be registered with the Patent Authority in India and and anybody who steals with idea will be dealt by the court lawfully. You just have to file a case stating that your idea has been compromised and rest assured that you will get justice. This way, you feel secure and concentrate on the betterment of your business rather than thinking about being stolen or compromised all the time. This sense of security must be with every business and only then the maximum output can be achieved.

Saves Time
Time can be a deciding factor between success and failure in any business. Whether it is a startup or a company that is already established, nobody wants to waste time in legal matters rather than concentrating on the productivity of their business. When your Intellectual Property rights are protected, you obviously invest a lot of time initially but when you attain the rights, there is no looking back.

If your IP rights are not protected, there is always a chance that you might either be a victim of the copyright or trademark infringement or might claim somebody else’s copyright unknowingly. In both cases, you will be presented before the court for further hearings. As we all know that decision on legal matters take a lot of time, especially in India, you will be wasting most of your precious time in court which can prove to be a major setback for your business. A business can be successful only if the owner concentrates on the productivity or the betterment of business rather than wasting time in legal matters. If you want to save time and build your business, make sure that your IP rights are protected well in advance.

Positive impact on capital
Any business that runs in the marketplace runs on money. You spend money to offer customers what they need, you get money from what you sell. The whole concept of business revolves around the capital you spend and earn. Now, how is this related to Intellectual Property? Taking IP rights on your business requires money. The cost depends on the duration for which it is taken and what all rights you are taking. It is always better to keep a separate fund for IP rights in the initial phases of starting your business as once your business starts in a full fledged manner, you hardly get time for anything else.

In some of the cases, it is seen that capital becomes a critical issue for people who have just started the business. They are not clear as where to invest and in what to invest so they just ignore the IP rights thing thinking it as less important compared to the current priorities. Also, sometimes the lack of funds becomes a reason not to file for patents and copyright. If you see a broader picture, this decision of not taking the Intellectual Property rights on your business turns out to be a major setback later.

You save money initially and then when you see that somebody infringes on your rights or you happen to be in the infringement of somebody else’s rights by mistake, all the capital you saved earlier by not taking the IP rights will be vanished in no time. Fighting legal cases may eat up all your capital and your business might be compromised due to this. Not only present, but the future of the business will be hampered as well so it is always recommended to take IP rights so that it helps in business development.

There are many factors that runs a business successfully and there is a very fine line between success and failure. Intellectual Property rights if taken on time and used properly, will surely give a boost to your business and help in its development saving your hard earned money precious time which will help you to relax and take mature and suitable decisions for your company. IP protection is something of great importance and everybody must be positive for it.

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Ketana Babaria Ms. Ketana Babaria, an advocate and registered patent Agent M. Sc. LL.B PGO-IBM, is of 20 years experience in the field of IPR, worked for generics and giants now leads a team, handling all aspects of patent and legal matters related to the pharmaceutical & non-pharmaceutical.