Benefits of Intellectual Property Rights |  Swarit Advisors
Channel: Bada CFO
Date: 2021-11-17

Nowadays, #IPR plays an essential role in the national and international trade of every country. With the beginning of growing digitalisation, there is a massive risk of innovative ideas being stolen by an unknown without any prior consent or approval. The importance and #BenefitsOfIPR vary across the world. Almost every country which depends on international trade is now taking stern action for #IPRProtection. A strong IP law structure is fairly responsible for the overall growth of the economy of a country. Even in the present digital-based environment, there is a very high risk of creative & innovative ideas getting stolen without the author’s approval. So to protect the intrinsic value of such intangible properties, #IPRLaws were performed.

Understand the meaning of Intellectual Property. 

#IntellectualProperty can be described as a set of intangible assets owned by any person or company. Like different physical properties, intellectual Property gives the same competitive benefit to a business. Intellectual property protection in a digital-based environment is vital for a business than ever before, as the unique logos & designs are more vulnerable and can be easily copied by anyone. There are four most significant types of #IntellectualPropertyRights Copyright, Trademark, Patent and Design.

Benefits of IPR in modern times. 

• Boosts Business Growth: There are big chances that unprotected creative ideas can be used by opponents to take away market shares & decelerate business growth. Therefore, small & medium-sized businesses need to protect their exclusive goods or services. In the starting stage of a business, it can be very dangerous to lose a share as it will harm the business in the long term. 
• Easing the Marketing Process: #IntellectualProperty is an essential tool in creating an identity for your business. Intellectual Property can aid you to distinguish your products & services in the market from those of other seller & encourage them to reach the targeted customers. 
• To Safeguard the Unique ideas: People will try to copy a novel idea or the creation of others for their own commercial profits. Therefore, before any third party illegally violates it, it is vital to protect their IP assets. 
• Raising Finance for the Company: Any IPR owner can commercialise & monetize the IP assets through sale, licensing, and use as a guarantee for debt financing. #IPassets can also be used for increasing public funding, loans and to get government subsidies. 
• Improve Business Export Opportunities: IP assets boost the competition level in the export market for products & services. The IPR owner can safeguard brand and design to market & encourage their goods & services overseas and take franchising agreements from foreign companies. 
• Protects Consumers & Families: Strong IP helps the customers to make the correct choice about the safety, reliability, and effectiveness of their product purchases. Enforced IPR confirms the product authenticity and high quality that customers expect from the producers. Ease of mind & confidence that customers demand & markets rely on can be promoted with the help of IPR.

It is concluded that IP is increasing worldwide, and all businesses should register their #IntellectualProperties, which will assist them in earning extra income and can also save others from stealing their innovations & ideas. However, the challenge is that #IPsystems remain highly national based.

Read more: https://swaritadvisors.com/blog/benefits-of-intellectual-property-rights/

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