How is IP Strategy Changing Gradually?
An IP strategy is a plan which remains consistent with the business goals of a company. They do so, in order to acquire intellectual property assets and enjoy maximum benefits from the existing asset. No matter, whether you are a startup or a big enterprise, you great minds, develop new technologies, and launch new products for your company. But, as your competitors are becoming strong meanwhile, your Intellectual Property strategy ought to change.
In this era of technology, a major change in the competitive landscape is occurring. Many well-established companies are using different approaches to achieve their goals. It has led to more consideration of intangible assets as compared to tangible assets. In fact, 80% (approx.) market capitals of Fortune 100 companies are available in intangible asset form. In other words, IP has emerged as an important tool. It governs the performance of companies and is becoming important gradually. A well-executed IP strategy plays a major role in achieving a company’s goals and objective. However, an effective IP strategy can be developed only after having a good understanding of the economic, technical, and social impact on IP.
Consider Good IP Strategy: Know Why?
- Price Hike Realization
Price hike realization is one of the best advantages of a strong IP strategy. For instance, you can consider the example of pharmaceutical companies. Here, drugs have a higher price during the patent protection period. But, as soon as the patent term gets completed the price gets reduced by 75 to 80 percent. Nowadays, it has become a trend to file a patent application in multiple countries. Many big companies are using IPR to generate good revenues either via licensing or selling their new invention and ideas to customers.
- Market Share Encapsulation
While purchasing, customers always consider a product with good feature, performance and a reasonable price. Enterprises capture huge market share after being capable of differentiating their products from others which opposes their competitors to reproduce their duplicate products.
- Lower Costs Sustain
A perfect IP strategy generates revenue for a company by assisting the company to have a lower cost in comparison to competitors. In various markets, technology cost contributes huge part in the selling cost of goods. However, in some complicated markets, various companies use technologies which licenses their technology in order to release products in the market. Here, the concept of licensing and cross-licensing works.
As IP strategy is very important in IPR, you should plan and execute a strong IP strategy to both sustain and maintain a competitive edge in the market. Additionally, it not only helps in achieving great returns for its shareholders but also reduces risks and costs. So, with the growth and expansion of your company, it is vital to evaluate IP strategy on regular basis.
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