Intellectual Property (IP) is the foundational support for any technology company. This consideration clears a path for product development, which in turn drives commercialization. Since the start of COVID-19 and the subsequent economic downturn, the creation and protection of intellectual property has been of paramount importance to entrepreneurs. Companies like the Southeast Innovation Institute (SEII) have used this time to find niche markets and realize innovative trends. Strategically positioning a company’s intellectual property, in such ways, creates jobs within technical fields and provides future opportunities that were otherwise unforeseen. Here are three tips to follow when positioning your IP to best adapt to fluctuating markets.
Understand the role of IP law.
An important first step when working with start-up entities, or even individuals with an initial idea, is understanding the protections that IP affords. Every decision from a business’ inception should be made with the focus of how your intellectual property works. Savvy tech companies ensure the IP is owned and registered to their company. In addition, these companies understand the IP takes precedence when forming teams and establishing leadership of the enterprise.
Understand how to position your IP during changing times.
During the COVID-19 pandemic, IP growth escalated to encompass COVID-19 test kits, antibody tests, and new vaccines. Private and public government funding supported data technology companies around the globe. Funding to date is nearing $21.4 trillion.1 Government contracts, grants, private investments, and new programs have committed to these COVID-fighting endeavors. The market opportunity for data analytics and artificial intelligence is booming, and the need for protection of associated intellectual properties has skyrocketed. One great example of a company using their IP to adapt to the changing circumstances is DEVEX. While the costs for IP protections are not inexpensive, strategic IP positioning should be balanced with a value to market proposition and early market analysis. This helps you better understand the competitive advantage and determine cost-effective budgeting.
Understand your market’s needs and how to meet market demand.
The I-20 technology corridor feels the impact of current intellectual property trends and developments. While intellectual properties encompass patents, trademarks, copyrights, and trade secrets, other aspects of a business such as know-how, the development of data analytics, machine learning, and even artificial intelligence, have a stake in the IP game. IP law protects processes in education. Namely, learning through ZoomTM, and exploring platforms like Wonder, to make learning fun. Trademarking is important as it helps protect these brands and their names on the market. The I-20 corridor has gaming companies which use mobile apps to convert board games to virtual reality. Some of these companies have formed collaborations to train pilots in physical aeronautical systems and simulators. The region has a calling to support high tech development such as flying cars and health digital platforms to support patients, physicians, and our veterans. Early market analysis can assist entrepreneurs in finding a niche market to support your IP. This provides an invaluable resource to the community. The pandemic created an environment where communities reacted to the pandemic by encouraging innovation to support the best technologies.
Now is a prime time to take steps to protect your IP and technology developments. For further support and take the next steps to hitting the market, our teams are available to assist you at the Southeast Innovation Institute (SEII): http://SEII.us; and supported by the legal team at http://DobsonLaw.us.
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Melissa K. Dobson, Esq., J.D., M.S.
CEO, Southeast Innovation Institute (SEII)