Advantages of IP
Many small business owners wrongly believe that IP is not relevant to them. But there are many advantages to considering these rights:
- Risk management. Awareness of existing rights (registered rights are public record and can be searched), can help to avoid obvious conflicts and reduce the risk of litigation.
- Ownership – For many small businesses the assurance that they own that right can provide comfort and pride.
- Deterrent – As the rights are public, others may see them and be deterred from copying.
- Industry Kudos – It helps you get taken seriously in your marketplace when considered against larger companies.
- Valuable – Registered IP rights are valuable business assets, and can help with business value if you are seeking investment or looking at your exit strategy.
- Commercial Tool – If someone copies you can do something about it and preserve your business.