5 Reasons Why IP Protection Is Critical For SMEs Growth

1. Prevents Counterfeits / Duplication Counterfeit products lead to a long-term impact on your brand and can result in substantial reputation damage to your product, including reduced sales and loss of customers. Registration of an IP rights gives the owner power to prevent others from reproducing, duplicating, or exploiting their work.

1.    Prevents Counterfeits / Duplication

 

Counterfeit products lead to a long-term impact on your brand and can result in substantial reputation damage to your product, including reduced sales and loss of customers. Registration of an IP rights gives the owner power to prevent others from reproducing, duplicating, or exploiting their work.

 

2.    Additional Source of Revenue Generation

 

Did you know that registration of an IP right gives the owner the right to license it out, to sell it and even to receive royalties? This will create an additional source of revenue for your business.

 

3.    Cost Reduction

 

Filing and defending IP lawsuits is quite cost-intensive and time consuming. These high costs can be avoided by protecting your ideas appropriately and at the earliest opportune time, which in turn results in an uninterrupted growth pattern for your SME.

 

4.    Brand Identity

 

A strong brand identity increases the authenticity of your services or goods, increases the value of your company and has the potential to increase your customer and retain them for long periods. It is therefore important to create a crystal clear difference between your business and the business of others operating in the same industry.

 

5.    Competitive Advantage

 

The owner of a registered IP right has the right to use the IP to the exclusion of all others. This is especially in relation to creation of a brilliant novel idea, or product, or a new way of doing things, which when patented, will give you a guaranteed market share as the only business offering an uncommon product or service. Other businesses operating in the same industry cannot copy, manufacture, use, or sell your product.

Published on Aug. 22, 2024, 1:10 p.m.