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If your business is at the scaling stage, your intellectual property can help your company to build a competitive advantage. By diligently presenting your intellectual property in marketing activities, you can even scale your business to become a market leader. Do not underestimate the power of your IP. Effective intellectual property can deter or slow down your competitors, enable you to protect your market share, and remediate infringements. In short, the more your brand gains recognition, the more you can increase your sales and revenue.
As you scale up your business, you should take further steps to protect your intellectual property. Copyright, registered trademarks, and patents are essential. But if you do not have an excellent intellectual property lawyer on board, you may not be as fully protected as you think.
Intellectual property lawyers at Heer Law note that your IP can be developed into formidable business and financial assets. By hiring an intellectual property law firm, the company can help you to grow your business and profit via intellectual property law, intellectual property litigation, trademark services, and patent services. An intellectual property lawyer can help your scaling business to reach its full potential via effective acquisition, management, and enforcement of IP rights.
And when your IP rights become infringed, a specialized law firm can stop the infringer and gain monetary compensation. On the other hand, if your company is alleged to violate, intellectual property lawyers can help to defend and counter the allegations. Also, other business resources like books and blogs can help you to learn more about intellectual property and build awareness, scout competitors, and capture customers.
Treating intellectual property as building blocks is a natural way to facilitate product or service line expansion and company growth. Securing copyright or a trademark or patent is not a one-time thing. You should reevaluate your IP every time your business goes through a significant change. For instance, scaling will often involve providing new lines of products or services. Every time you create a new product, your marketing team needs to come up with new branding or taglines. If you do not protect those new intellectual properties, you will make it easier for your competitors to copy your IP. By continually assessing core competencies and specialized knowledge, you can create further innovation and reposition your company and products or services strategically.
The IP rights that are most-essential for businesses in the process of scaling are copyright, patents, trademarks, and database rights:
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