Higher growth linked to protected intellectual property
According to a report that the European Patent Office (EPO) and the European Union Intellectual Property Office (EUIPO) released just before summer, small and medium-sized businesses that apply for patent, brands, and design protection, are more likely to achieve high growth.
According to the study “High-growth firms and intellectual property rights”, investments in innovation, IP-protection, and international expansion are all important to a business’ success in achieving high growth. This is because IP (intellectual property) enables businesses to get a return on investments in research and development, and thus they are able to maximise their potential. The best conditions for achieving high growth belong to small and medium-sized businesses that combine different IP-rights, e.g. brands, patent, and design, instead of one single IP-category.
Some suggestions for questions to ask yourself as a small or medium-sized business
Preferably, IP should be identified and registered while the business is growing and expanding. Unfortunately, this is not always the case, which means missing out on resources and therefore being at a disadvantage when it comes to protection and growth. Below are a few questions that are good to ask yourself at regular intervals.
- Is the business and/or the product brand protected in all locations where the business is active or is planning to expand to?
- Is the visual appearance of the brand or the product protected by brand or design rights in the relevant locations?
- Does your domain name portfolio match your branding strategy? (More advice on domain name registrations and brand protection can be found here)
- Do you hold the patents for all crucial inventions?
- Is there any additional IP in the business that has yet to be protected (e.g. copyright or confidential information, licenses or distribution rights)?
- Are there any adjacent, already established, rights on the market? E.g. is there a risk of infringement claims from a third part?
Are you unsure of the current state of your protection? Or whether it covers all your needs, now and in a few years time? Our experts are happy to help you, contact us here!