The rapidly growing IoT market provides ample promise for innovative smart products to make their mark. However, with so many seeking to commercialize their solutions to information generation and connectivity, it can become easy to get lost in the fray.
To maintain your competitive advantage and secure your potential in the complex IoT ecosystem, trade secrets likely aren’t enough. Intellectual property comprises the ideas, inventive processes and systems and unique design behind your MVP. A solid IP strategy can streamline your go-to-market initiatives and champion market share.
If your IP is unprotected then joining us at Driving Dreams 2019 should be your top priority. Here are 5 reasons you should care about protecting your smart product’s IP:
Keep Competitors at Bay
As industrial manufacturers, enterprises, consumers, and public sectors increase their tech spend on IoT, there will be a race to be the first to commercialize the most desired solutions. If a component of your innovation confers your business a competitive advantage, then IP is important to prevent me-toos.
Protect Your ROI
IP can grant you more time to see your go-to-market strategy through. Although the cost of data collection and storage is falling, the period between larger capital investments and recurring revenue can be buffered by keeping your product uniquely distinguishable in its market.
Build Your Brand
Especially true for consumer segments where your smart product will be highly visible, ensuring that your brand and design resonates distinctly with consumers can be critical to success. Trademark protection can prevent others from exploiting your brand recognition.
Enhance Your Market Value
High sector-specific demands are driving IoT investments. If you’re fundraising externally or your end goal is acquisition, IP can be a valuable intangible asset that can raise the value of your business.
Future Revenue Streams
You may also consider generating value for your company through a licensing agreement. With some organizations unsure of how an IoT initiative will find its fit, they would rather lease than buy. Having protected IP gives you more sales model options.
Join us for the third installment of Driving Dreams 2019
Hear from Bereskin & Parr and learn how IP has become the currency of innovation. They will clarify the role IP plays in innovative businesses and offer some insight on how an IP strategy can maintain and grow your market share.