We can learn a lot from IP applications and especially from those of our competitors.
Registering designs through the intellectual property system, has historically been a legally bound, primary method to protect designs and blueprints for companies across the globe.
Ranging from manufacturing companies in medicine, technology, automotive and engineering. Patents and intellectual property have helped to prevent innovations from being unlawfully copied. But what if IP applications could be used in a different way, without infringing on the design competition?
IP applications offer an insight into the future
As IP applications are legally binding, they must be disclosed and as companies grow, often so does their portfolio of patent applications.
This can provide an insightful method in monitoring the future plans and growth of a competitive company, which could help your own business to plan a strategy in going forward that counteracts their ideas. Whilst it may take many years for a product to reach the market, “European and UK patent applications may only be published approximately 18 months after the filing date”, according to a recent article by https://www.mathys-squire.com/ – What are the benefits of tracking your competitors?
In their findings, they also highlight other positive opportunities for tracking IP including:
- Monitoring intelligence – To understanding the landscape as a whole entity, across all patents relevant to the sector to set your own business strategy.
- Identifying white space – This offers a place where there is room to create something new and innovative and not thought of yet.
- Monitoring and assessing risk – Does the competition intend to encroach on aspects of your own business?
- Identify opposition – Where planning and future proofing could be implemented far quicker rather than reacting once the competitive product has come market.
Calling all innovators and entrepreneurs! Here at Crendon Insurance we provide intellectual property insurance (IP insurance) to protect innovations and designs from patent infringement, loss of profit and loss of intellectual property right cover. To find out how we can protect your ideas further, please contact our intellectual property insurance team.
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