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Many legal constructs, including Intellectual Property, still seem puzzling to many of us. Enterprises who fully understand this law, however, establish superb strategies on how to benefit from it and establish a sustainable economy. Highly industrialized countries are also fully aware of IP's real value that they are able to nurture local enterprises and at the same time become a key player in the international market.
Hence, companies aiming for sustainability, growth and expansion have to seek legal advices on patenting and how they can apply those knowledge in determining business strategies. The economic measure of modern day businesses ? either small or big time ? is no longer determined by concrete assets, such as real estate, buildings and capital. But instead, intellectual assets take over the role that tangible assets used to hold.
The Secret Worth of Intellectual Property
However, there is a tendency for commercial enterprises to fail to recognize the essence of the creations of the mind. This claim is confirmed by a recent study revealing that about 40 percent of the asset of a business is not mentioned on its balance sheet. As a result, intellectual assets are dubbed as hidden treasures.
Intellectual assets are increasingly becoming important in conducting business operations, particularly in merging businesses. For instance, business managers organize an IP portfolio for important clients and potential business partners to review. There are two important benefits that merging companies must anticipate from cross licensing. One advantage of cross-licensing is it promotes both of the companies IP assets. Second, it gives way to mutually profiting activities.
The national government's support for patenting industrial designs is essential to achieve economic riches. In the absence of a national industrial patenting system, a country will have a difficult time promoting and at the same time preserving endemic industrial inventions. Establishing this system likewise increases national support and motivation for domestic entrepreneurs to carry on developing their innovations.
In addition, the government should prompt both local and national enterprises to study and understand how foreign technologies can be improved for commercial and social betterment. Even though it is true that innovations are relevant to every culture, adaptation can also become a powerful driver of economic growth.
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