Intellectual Property in SMEs
Intellectual Property in SMEs. The World Intellectual Property Organization (WIPO) mentions that intellectual property is a key factor in the decisions that are made daily in companies, especially in SMEs, that is, in those small and medium-sized companies, which despite not Having a very large number of workers and having a moderate turnover, day by day they operate as the engine of the economy, being job generators as a key element in the emergence of new products, brands, designs and creative models, the result of continuous innovation.
However, their innovative and creative capacity of these companies is not always fully exploited since they do not know the intellectual property system nor the protection that it can give to their inventions, trademarks and industrial designs.
Many new products or services contain different types of intellectual property. Forward-looking companies face the challenge of realizing the value of their intellectual property and using it effectively in their business strategy.
Likewise, the World Intellectual Property Organization explains what the benefits and consequences would be in relation to the protection of the intellectual property of small and medium-sized companies:
Benefits of adequate protection.
Providing adequate protection for a company’s intellectual property helps prevent infringement from being discussed. The full use of the intellectual property system allows companies to benefit from its innovative capacity and creativity.
Likewise, it helps them to prevent competitors from copying or imitating their products or services, they create an identity as a company incorporated as a capital company thanks to a strategy of registered trademarks, increase the commercial value of the company, enter new markets.
Protection is not only reflected in a company’s inventions, trademarks, industrial designs or copyrights, it implies the ability of the company to commercialize those inventions, carry out joint transactions and enter into other intellectual property agreements, as well how to effectively exercise and supervise your rights.
Consequences of non-protection.
Good inventions or creations without protection will be made their own by the strongest competitors who are in a position to market the product or service at a lower price without having to financially compensate the true inventor or creator. All this means that SMEs are limited in their activities regarding their production, in addition to obtaining the expected profits.
At Bandala, Diaz, García we specialize in providing services on Intellectual Property in SMEs.