Monday, 4 August 2014

Intellectual Property for SME’s

According to this news article on Business Standard, thousands of SME’s lose out huge revenues just because they are either unable to afford IP services or are unaware of them. This article highlights the problems associated with IP service handling for SME’s and their solutions.

Challenges that most SMEs face in acquiring IP protection include the following:

• inadequate manpower to undertake the necessary groundwork needed for IP acquisition, for example, initial searches and other pre-filing procedures;

• high costs involved, particularly, in the patenting process which may go hand in hand with expenses for the translation of documents and fees for IP agents or attorneys;

• Inadequate “in-house” knowledge of IP rights and procedures for their protection.

 Before seeking IP protection for your SME in a particular country, you are advised to study the country’s legal system that governs IP issues. There are various sources of information on IP legislation. Probably the best place to start would be the national or regional IP office or copyright office to obtain the details of IP protection in your country. It is often advisable to seek guidance from an IP agent or attorney particularly when the relevant IP laws require that an applicant who is not residing in the country be represented by an agent or attorney entitled to practice in that country. The IP office or IP agent/attorney should be able to advise you as to whether special incentives, in terms of reduced fees, are available to SMEs for IP acquisition and maintenance.

 To some extent, the burdens associated with IP acquisition may be diminished if you have a greater understanding of how the IP system can be used effectively. SMEs may also reduce the workload and costs of acquiring IP by applying for IP protection through regional or international arrangements when seeking IP protection abroad (see “Protecting the IP Rights of Your SME Abroad”), making use of special incentives offered to SMEs, wherever available, or opting for lower levels of protection as in the case of utility model protection, where the legislation of the country or countries in question allow such forms of protection.

Alternatively, you can choose to hire an IP firm that specializes in SME’s to do all the legal work for you without putting too much of a burden on your economical resources. TT Consultants is one such firm which has helped clients globally in their IP endeavors with excellent results. With 8 years of experience in this field, they are one of the top most IP firms dealing with SME’s. To contact them, please use the form here

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