Why Intellectual Property Is Important?
Intellectual property protection is critical to carve out chances for survival and success of business, both for new entrants with vibrant and innovative ideas as well as for the established business entities who have a desire to lead and set trends in the field of their business.
Without protection of ideas, businesses would not reap the full benefits. Strong IP portfolio is what defines the commercial success of business in the global economy. Similarly, individuals with innovative ideas, inventions or original creations would not be fully compensated, if not properly protected in time, for their creations and would suffer heavy loss as a result.
Piracy, counterfeiting and the theft of intellectual property assets pose a serious threat to all businesses. Exporters face unfair competition abroad, non-exporters face counterfeit imports at home and all businesses face legal, health and safety risks from the threat of counterfeit goods entering their supply chains.
Intellectual property protection is critical to fostering innovation. Without protection of ideas, businesses would not reap the full benefits of their inventions and would focus less on research and development. Similarly, artists would not be fully compensated for their creations and cultural vitality would suffer as a result.
Why Should I Protect My Intellectual Property Abroad?
Most small businesses are not aware that their patent or trademark does not protect them in other countries. If you are an exporter, or think you might want to export in the future, you will need to seriously consider securing protection for your intellectual property (IP) in those foreign markets of interest to you. It is a good idea to get the appropriate forms of IP protection before you start doing business in another country.
IP theft posses a risk to all industry sectors; those most commonly affected by IP theft are manufacturing, consumer goods, technology, software, and biotechnology, including pharmaceuticals, copyrightable subject matter, designs and above all trademarks and domain names.