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By Ms Katharina Weberhofer
More and more companies have realized that their success of their products and services is linked to their brand names. Intellectual Property is the only way to convert innovation and ideas to profit. In nowadays business environment it has become a key value of every company as it is the driver of innovation and commercial potential. Traditionally businesses have thought about their visible assets, like land, houses or buildings as being the most important. But in these days it is more relevant to protect the ideas and innovations of a company. Ideas and innovation are happening in every business, regardless their seize or their field of operation. The laws are intended to ensure the protection of the logo or the branding of a business.
Having an exclusive set of rights in the market gives a company an essential advantage. Furthermore it could be essential to the future success of the company.
Protecting Intellectual Property Rights are not only necessary for companies which are already existing long time, it is also essential for startups and new entrepreneurs. It can set the business apart from other companies and offer customer something new and different. Furthermore it is a successful tool for marketing and branding.
Successful branding will enhance the market value and increase the future profit expectations. A patented invention allows a company a monopoly of the period of twenty years. It gives the possibility to license the Intellectual Property Rights in order to generate a further revenue stream.
Without having protection on its Intellectual Property Rights a company is taking the risk of having no potential pay-off and getting copied from a competitor. This could lead serious infringements and to the entire loss of the knowledge a company has developed by themselves.
For further information on this topic please contact Ms Katharina Weberhofer at ANDREAS MYLONAS & CO LLC, by telephone +357 25 101080 or by e-mail [email protected]
This publication has been prepared only as a general guide and for information purposes. It does not constitute or should not be read as a legal advice. One must not rely on it without receiving independent advice based on the particular facts of his/her own case. No responsibility can be accepted by the authors or the publishers for any loss occasioned by acting or refraining from acting on the basis of this publication.