It’s the start of a new year and if you’re thinking about how to grow your business in 2023, here’s one way that many Small to Medium Enterprises (SMEs) often overlook: a comprehensive IP strategy.
It may seem to some that having an IP strategy is something with which only large businesses need to be concerned. However, according to the World Intellectual Property Organization (WIPO) and others, this is not the case. Innovations developed by any company – large or small – are assets whose value needs to be protected.
Economic benefits of an IP strategy
IP can be a significant source of income for any company or enterprise when handled properly. Data from the most recent World Bank Development Indicators suggests that the worldwide IP licensing market accounts for more than $400 billion. The benefit of having a solid strategy is that IP can become a sustainable competitive advantage.
Just as important as the economic benefits, a robust, comprehensive IP strategy can strengthen a company internally by promoting a climate of innovation with strategies in place to achieve the optimal return on investment. Involving stakeholders in the formulation of an IP strategy encourages cooperation in the development, ownership, and exploitation of new technologies, creative deliverables, and innovations in general. Read more