Three Ways Your IP Strategy Can Help Your Business Succeed Internationally
Once you have considered your intellectual property (IP) assets and protected them, such as through obtaining trade mark registration, it is important that you devise a strategy for their ongoing protection. An IP strategy is a great way to help you monitor, revise and manage your IP. It can provide structure to ensure you get the most out of your IP assets. A well thought out IP strategy can also help your business succeed internationally. This is because an IP strategy can help you determine the necessary steps to expand your business into international markets without risking IP infringement.
The IP process can be long and complex, particularly for businesses unsure about where to start. To help you better understand the relevance of an IP strategy, this article will take you through three ways your IP strategy can help your business succeed internationally.
1. Competitive Advantage
Your IP strategy is an excellent way to gain a competitive advantage overseas. Having your trade marks registered internationally can help increase the value of your business in those countries. This is both reputation-wise and financially. Including international expansion in your IP strategy is also a great way to commercialise your products overseas. For example, through licensing agreements that provide your business with additional streams of revenue.
Additionally, an IP strategy can help show international investors the value of your business. Having an IP strategy helps establish your business as reputable, demonstrating that you are serious about your product and its place in an international market. In turn, this can encourage investment and help your business secure additional funding to expand your product overseas.
2. Export Goods
It is important for Australian businesses to know that their Australian trade mark registration will not protect them overseas. This makes it important to include international expansion into your IP strategy as early as possible. By expanding your IP strategy to include overseas markets, you will be in a better position to safely export your goods overseas and trade internationally.
Without protecting your IP overseas, you may expose your business to people who may copy and sell your products without your consent. This can tarnish your reputation and make it difficult for you to later succeed internationally.
Indeed, you will have some rights to prevent this without a registered trade mark. However, trade mark protection in the relevant overseas countries provides much more comprehensive protection.
3. Adapt to Overseas Markets
As well as helping you to expand your business, having a trade mark registered overseas can help you adapt to overseas markets. Indeed, it is possible to register exactly the same trade mark in every country. However, it is worth considering adapting your IP to suit the market in which you are operating. For example, using translations or transliterations of word marks can be helpful in overseas settings, particularly in countries where they use different writing scripts. This can help make your product more appealing to international consumers and help you succeed.
Considering the best ways to adapt your IP to overseas markets early in the development of your IP can help you better leverage your assets in international markets. In addition, designing your trade marks with international audiences in mind can prevent you from alienating overseas consumers.
Protecting your IP assets is only the first step in the trade mark process. Instead, you should consider an ongoing IP strategy that will help your IP work for you in the long term. An IP strategy is also an excellent way to help your business succeed internationally.
Some of the key ways that your IP strategy can help your business succeed internationally include by:
- providing you with a competitive advantage;
- enabling you to safely export goods; and
- helping you adapt to overseas markets.
If you need assistance developing your IP strategy or registering your trade marks overseas, our experienced trade mark lawyers can help. Get in touch with them on 1300 657 423 or by filling out the form on this page.
Frequently Asked Questions
An intellectual property (IP) strategy refers to a formulated plan by businesses to help manage their IP assets. An IP strategy should align a business’ IP plans with its overall goals. An IP strategy should consider the design, development and registration of IP and plan for monitoring, revising, and reporting on IP usage.
A well thought-out intellectual property (IP) strategy is an excellent way to help ensure the success of your business in the long term. Some of the key ways your IP strategy can help your business succeed internationally include providing you with a competitive advantage, enabling you to safely export goods internationally and helping you adapt to overseas markets.