Intellectual Property Advantage

Cost and Benefit of Holding the Intellectual Properties

Innovation generally refers to a changing process and creating an effective process, products, and ideas. According to the business context, innovation is reflected by the implementation of new ideas, creating dynamic products or improving the existing services. Innovation catalyzes the growth and success of a business and facilitates to adapt within a new environment in order to grow in the marketplace. A successful innovation becomes a part the business strategy which results on cultural innovation, innovative thinking, and problem solving. Currently, the industry trend highlights on revolutionary product in the clean energy field. As an initiative in response to the trend, the ideas

Consequently, innovation requires the support from intellectual property protection as it critical to fostering innovation. Intellectual property protects more than just an idea or a concept but it also protects genuine business assets that may be integral to the core services of the business and overall long-tern viability. Defensible intellectual property is one of the top things venture capitalists wanted to see in a business, particularly, a startup. Without protection of ideas, businesses and individuals would not reap the full benefits of their inventions and would focus less on research and development. The strongest protection comes from registering the work thus enables the creators to put a claim upon their work into public view, and discouraging people from using the work without permission.

It is common in the U.S. that patens is available to any person "invents or discovers any new and useful process, machine, manufacture, or composition of matter, or any new and useful improvement thereof." 35 U.S. Code §100. Developing a new and better product or process that is unique, useful, and non-obvious encourages people to protect the competitive advantage that is given

However, according to Forbes Technology Council (2016), this could be one of the most valuable asset in a business. In order to protect the intellectual property, firstly, patent protection must be sought by application with the U.S. Patent and Trademark Office (USPTO). Along the way, it is also required to search the state’s registries in case they exist since each state may applies different way on the trademark registry. Each type of intellectual properties require different procedures to protect them from unfair competition and copycats, thus consulting to the attorneys and expertise is crucial prior to the registration session. The attorney will need to research whether anyone has already registered for the same exclusive rights to the brand names or product that is currently being developed internally. Despite of being only identic, a complete search also uncovers all similar marks in to check the availability of domain name given to similar name or use with related products (USPTO, 2017). A conflict search should include a thorough search of the U.S Patent and Trademark Office’s database. Patent protection only allows the patent holder to take legal against anyone who copies the patented invention, design, or discovery within 12 months period after releasing the product to the public. The opportunity to the patent will lost if it is not