4 Ways to Strengthen Your Business Using Intellectual Property

Every business owner should implement an intellectual property strategy into their company, especially if they plan on commercialising it! To make this strategy effective, it needs to address the marketplace for your invention and the business objectives, potential licensees, investors and buyers. If you want to know more about how you can strengthen your business using intellectual property, read on:

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  • File Multiple Patent Applications

You need to cast your net as wide as you can. These applications should address the innovation behind your products or service, not just the invention itself. If you have a unique, big idea that could in some way be altered into something else; you’ll also want a slice of that too. Ensure that you’re covering as much area as possible to protect your right to own and profit from your work. Brainstorm a wealth of ideas, including some a little outside the box – but that could still be connected with your innovation. Then file protection on all of these variations.

  • Examine the History of Your Invention

For every idea, there were probably 1,000 ideas before it to get the product or service to where it is today. Prior art exists for practically everything. Therefore, to equip yourself with all the necessary knowledge, do some digging to understand how your invention could differ from previous patents. This also plays into the fact that you need to find ways to differentiate yourself from your competitors, so there’s no direct comparison between the two.

  • Don’t Neglect Design Patents

Design patents will help stop anyone trying to copy your artwork or image to profit from it, namely online resellers. Because copycats and infringers are so frequently unashamed to make direct copies of other people’s work, having these kind of patents can be great in your defense. This can happen anywhere in the globe, so keep immigration solicitors on your side in case you need to pursue a case.

  • Continue Filing Patent Applications

No doubt you’ll make lots of changes to your invention before you’re ready to take it to market. To save your innovation, make continuous patent applications at each noteworthy process. For example, if you’ve got a new app that’ll help in the spouse visa extension process but you’ve now realised you can team it with an interactive element, patent it! This will also help to keep your portfolio up to date for potential investors.


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