Importance of intellectual property is crucial for firms – Developing new cloud based solutions
Technology has permeated nearly all facets of our lives but its most unprecedented and unequaled-based vocal advantage has always been its power to connect anyone, irrespective of size or scale, to a global audience.
And in such a world, it’s imperative to know and understand that even if you are committing to a small scale business tucked away in a certain corner of your country; you will definitely be exposed to everything that happens around the world and inadvertently, get affected by it, whether positively or negatively.
To succeed and thrive in such an ultra-competitive world, you need to think out your strategy at the very beginning and make sure that you’ve got all the corners covered before you put a substantial amount of investment at stake.
However, at such an early stage in the process, one of the biggest mistakes that small scale business owners often commit is to overlook the importance of intellectual property and its vindications in the mix of things.
And this perhaps holds the most relevance to firms who operate in the technological domain. A breakthrough solution means nothing if you don’t value and protect your ideas in the right manner.
For new firms entering the cloud solutions market, an innovative product that they bring to the table can be quickly replicated or ripped off if they don’t move fast enough to get their ideas signed off as their exclusive intellectual properties.
Intellectual property might seem like it is a concept that only crops up once you are billion dollar giant and start getting involved in the murky corporate wars, but nothing could be further away from the truth. Intellectual property is fast becoming the single biggest differentiating factor between competing businesses worldwide irrespective of their scale of operations.
Any new business or startup idea needs a vanguard to protect it during its nascent stages. At the initiation, a new concept or idea is easily vulnerable towards being copied or modified into something better by competitors and this is where the value of Intellectual property kicks in because not only it can help you guard your idea but also ensure a host of other numerous financial and business incentives that can surely provide impetus to your new business.
Let’s look at some of the most important of these advantages in detail.
Getting investors on your side is a pretty difficult task at the onset of your business because no investor is going to let you ride on his/her cash unless they believe that their investment is secure and worth the risk.
Securing intellectual property on your name will lead you to improve your startup’s positioning in the idea market as a much more secure innovation than the rest of them out there, leading you to higher chances of attracting investor interest that could have been otherwise.
Searching your idea through might lead you to believe that your idea is new and intricately original but investors won’t buy in on it based on just some personal research that you did on a Saturday afternoon. They require validation, especially for businesses that are involved in tech and innovation, and that would only come if you have secured an IP for your idea beforehand.
Offering cloud-based solutions is an expensive and resource-oriented undertaking, and the best way to procure the money needed to get through with it is by bringing solidity to the table when meeting investors.
If you’ve ever watched an episode of the Shark Tank, you would know that investors want every base covered before they can offer you your money and intellectual property is one of the biggest motivators for them as it allows them to feel that the idea that they are putting their money behind is not just exclusive now but will remain so in the future as well.
Most new startup owners shy away from filing IP because of a common misconception that they might have to wait years before the patent office gives them a final ruling, however things have changed drastically during the past few years and nowadays patent authorities like the Australian Patent office will give you a reply within an incredibly short span of 4-6 weeks, This reply might not be a patent still, but it’s an initial validation that there’s nothing out there that matches your idea and now you can proceed with confidence to investor pursuance, knowing well that what your trying to build here is unique and has no counterpart.
Get a detailed analysis of similar technologies:
Most ideas that you might come up with might have been done before in some form or the other, but it’s the more finer, intricate details or modifications to it that are of real value to your business.
But even if you know that your modified idea is good enough and hasn’t been done before, how can you possibly know what similar breakthroughs are your competitors offering to the market and why will your idea float despite their products already being there?
The answer lies in your initial IP report, which will not just validate your idea as original but will also provide you with a detailed analysis and round up of what other similar ideas are floating out there, something which you can never possibly determine on your own.
Once you have the information on your competition, your strategy on how to position your product will become a lot more clearly, allowing you to have better chances at succeeding and avoiding failure.
Be more secure of your startup’s future:
Filing a patent or a trademark in today’s world can act as a wind breaker against initial failure to a high extent and this not just some common opinion or hearsay, but recorded in an actual study back in 2005.
This study, undertaken by Thomas Sager and Ronald Mann, revealed that your startup would stand a whopping 73% more chance at gaining investment with an IP on your hand than without one. And it doesn’t end at just securing more funding, IPs are much more valuable than that.
With an IP portfolio, you will stand to reduce the chances of your startup filing for bankruptcy in the near future and rather become a much likelier candidate for listing on to the stock market in the near future.
Startups offering cloud-based solutions need security and stability above everything to thrive and grow and both of these can come quite easily through securing their intellectual property. On top of this, even if you plan to not run your firm, you can make a lot of money through just your intellectual property alone.
IPs rule today’s corporate world. Just look at some of the most popular examples out there. Do you know that for making their new iPhone models get a better screen based on OLED technology, Apple is reportedly coughing up $45 per phone to Samsung.
Apple is the world’s quintessential firm and a widely popular brand to boot but still, it has to pay something to its main rival because the rival has an IP to its name for a certain technology that Apple so crucially requires to succeed in the future.
The list doesn’t just end here; Motorola got a mouthwatering $12.5 billion by selling its patents to Microsoft.
If you go to experienced business plan makers in any country where they know the importance of protection of your intellectual property, just like OGS Capital, their team of researchers, consultants and designers take the guesswork out of crafting something that is impactful and persuasive. They will chart out your plan around your intellectual property ideologues and make it a cornerstone of your initial journey into the business world, priming you up for success.
Patents can be immensely valuable if one commits to realizing their importance, so irrespective of whether you are planning to transition yourself from a driver to having your very own fleet or are looking to revamp an existing chip structure that leads to better GPS navigation in handheld devices, firstly make sure that your business has something new and something better to offer in the market and secondly make sure that the change you intend to bring has an IP filed on its name so that it guarantees you your success in the long term and establishes you firmly as market leader in your domain for times to come.