Going global? Here's what you need to know about Intellectual Property Rights (IPR)

What are Intellectual Property Rights?

Intellectual Property Rights (IPR), include rights related to inventions, trademarks, copyrights, and trade secrets. Properly protecting intangible assets increases a company’s value and helps defend against competition.

Properly protected intellectual propreties increase a company's value and help safeguard it against competition. Protecting intellectual property rights is especially important when a company expands abroad. In today’s flood of innovations, the likelihood that a company's product or service will infringe upon another company’s protected rights is high.

Crafting an effective IPR Strategy

A solid IPR strategy helps a company stand out from competitors and supports success in new markets. The strategy should be carefully planned to fit the company’s business needs and should be updated flexibly to address changing needs and market conditions.

The first step is to map out the company’s existing intellectual property rights and their protection. To identify potential risks and challenges, it’s also wise to assess competitors' rights.

Next, a suitable use and protection strategy should be decided on, taking into account registrations, licensing agreements, partnerships, and rights enforcement.

It is also essential to train the company’s staff on the importance of intellectual property rights and how to protect and utilize them.

Checklist of things to consider when expanding your business

1. Registrations: When expanding abroad, ensure that the company’s intellectual property rights are registered/protected on time and comprehensively in all necessary markets.
2. Regulations: Local regulations must be taken into account, and it must be ensured that the company’s intellectual property-related agreements and practices comply with the laws and culture of the country in question.
3. Language: Intellectual property-related documents/agreements should be translated as needed.
4. Competitors: Investigate the intellectual property rights of competitors in new markets and ensure that the company’s operations do not infringe on their rights.
5. Enforcement: Protecting against misuse is crucial. Ensure the monitoring of intellectual property rights and take swift action if infringements are detected. Services from companies that offer enforcement monitoring can be helpful in tracking local infringements and reporting unauthorized use.
6. Expertise: Utilize local experts familiar with intellectual property rights and practices to navigate local requirements and regulations.
7. Collaboration: Collaborate and network with local companies that can help understand the country's intellectual property rights regulations and practices.
8. Strategy: Develop a clear long-term strategy for protecting and enforcing the company’s intellectual property rights internationally.