Intellectual Property rights are an effective way of turning new ideas into exclusive property rights, which a company can own and attribute significant value to. These legal Intellectual Property (IP) rights protect intangible assets which underpin a company’s brand, domain names and products. The effective use of IP rights places a perimeter around a company’s innovative products and services which can deter competitors from launching competing products and preserve market share.
Innovation itself is often cited as a powerful driver of economic development, with the UK government incentivising companies to innovate by offerings supportive schemes such as R&D tax credits, agency administered grant funding and the Patent Box; a scheme which provides tax relief on the profits of products which have been afforded patent protection.
Many companies thrive due to a continuing focus on generating new ideas which, when commercialised, allows them to bring an on-going pipeline of new and innovative products to the market. For many companies operating in the fast moving, global business arena of the modern day, the ability to continuously deliver innovative products and services can be key to their success and even survival.
Bringing new products and services to the market can also be an effective way of strengthening existing customer relationships. Often, existing customers are those most likely to take on the new products and services offered by a company. This can provide a win-win for both parties; driving sales growth and profitability, while ensuring the customer benefits from the latest technology and the advantages which it confers.
Companies can also use their IP assets to attract new customers, with product marketing campaigns from companies such as L’Oreal, Dyson and Audi making reference to the intellectual property rights which underpin their products. This messaging underlining that the benefits conferred by those innovations are only available within the products of those companies.
The way in which companies are innovating is changing too and becoming more diverse. While there remains a place for the traditional in-house research and development department, there is a growing trend of companies seeking to acquire innovation from start-ups and emerging companies who have proven the inventive concept behind their technology. Innovation is also being driven through collaboration, with companies combining their different areas of expertise in order to find solutions to the problems they or their customers face.
The innovation process can be tough and companies developing new technology often need persistence to overcome the barriers they face in creating successful products. However, the rewards resulting from commercially successful products, where the right IP protection is in place, can be significant and mean that for many companies, adopting an effective strategy to deliver on-going innovation is vital to future growth and success.
For more information on how Murgitroyd can help please visit www.murgitroyd.com
This article appeared in The Herald on the 21st Feb 2019.
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