Ways to Commercialize IPR

29 Aug 2018  Read 1215 Views

Intellectual Property (IPR) was introduced in India from year 1957 through The Copyright Act, 1957. From then six amendments have been made on The Copyright Act, 1957. Trademark was introduced in 1999 through Indian trademarks act 1999. Intellectual property is basically a way to register an Idea or a mark etc., so that others cannot copy it and use it for their own benefit. Rather than creating IPR the value of IPR lies in its commercialization. Companies by use of IPR derive benefits to compete with market. Intellectual Property is an asset for a company whether it’s a startup or an old firm and its market value is could be cashed by means of IPR.

Types of Intellectual Property Rights

Intellectual property can bring about for any Idea or business. Idea can be registered using Intellectual property under following heads:-

  1. Copyright
  2. Patent
  3. Trademark
  4. Trade secrets

 

Steps to be considered to commercialize Intellectual Property

Idea

The first step in commercialization or for registering of IPR is an idea on which the company or an individual intends to get registered. Idea as far as required should be unique or different from those already available in market. A different idea will help a product or service to standout from others in market and can attract quality investors and buyers, so this is the area which a company or individual should consider about.

Market Look

After the idea about a product or service is materialized, the next step is to check if a similar idea or product is available in the market; if it is, the release of such product may result in legal liabilities and may attract penalties. So a prior research is important to before applying for any IPR registration.

Market effect

A proper study of the effect of that project on the market should be done, and its social, economic, political and legal effects shall be analyzed and must be checked if thatgoes against public interest.

Practicality

After the idea is materialized and its market position is analyzed the next step is to plan how that idea is going to be executed. A detailed planning is required to ascertain how the idea is going to be executed, how profits will be gained, how it’s going to benefit the company, how to get financial help etc.

Patent filling

Next step is to file for a patent which would give a legal protection to idea that it can only be used by the actual inventor and shall not be used by any other person for its own benefit. An application for licensing of patent can be filed to the official site of Intellectual property India. The application will be then analyzed and there will be a research whether a similar idea actually prevails in market or not if that is so then the application will be rejected if it isn’t so then the license for patent will be granted by the government in name of that company.

Implementation

The next step is implementation of that project that it shall be considered that everything goes in accordance with the planning done for the execution of that project. Any sudden change in the implementation of project might result in chaos so it is better work according to the plan. If any flaw is detected in the plan and a change is needed then it shall be done in the way so that it doesn’t affect the implementation and that flaw should be removed at the earliest.

Capital

For execution and proper implementation of any plan it requires capital, the output sometimes depends on how the capital is used. Need of capital is subjective to the businesses, sometimes it is required at the initial stage and sometimes it is required later. It is up to the company to choose a suitable way, and then use the money raised properly.

Business from Patent

Patent doesn’t limit the company but it opens more business possibilities. Intellectual property right is not only a benefit but a requirement in the current market. If a company wants capital at later stage and doesn’t want to go for finance then that company may opt to assign patent rights to others as well and can get money as consideration.

Intellectual property as a defense for business it not only gives a separate identity but also gives protection from use of others. Commercialization of intellectual property rights could be done as referred in the above mentioned steps, it is a big step in business and every entrepreneur should think about it.

About the Author: Ratan Deep Singh | 7 Post(s)

Ratan is a Biotechnology graduate and a former print-media Journalist, who specialized in marketing to take up Brand Communication. He’s a grammar Nazi & big-time foodie who appreciates creativity and often tries his hand in creative poetic writing.

Liked What You Just Read? Share this Post:

Finology Blog / Legal / Ways to Commercialize IPR

Wanna Share your Views on this? Comment here: