Question

onsidering the increasing importance of Intellectual Property in a competitive market extending beyond our nation, what steps would you take specifically with regard to that? How would you implement those steps?

Answer 1

Intellectual property is unique,value adding creations of humman intellectual that results from humman creativity and intentiveness.Different type of IP right include trade sevcrets,utility,patents ,trademarks,industrial designs e.t.c.A n innovative idea or product meets existing or new buissiness without competition for long as its innovative advantages.It playds significant role in helping buissiness to gain and retain .in case of an improvement innovation not only competitors also improvement innovations typically amount to be better,fasteror cheaper.Hence use of IP system proves to be required.It requires participation of individuals from different sectors.Generally small and medium enterprices inclined to used trade secrets rather than patents.

• Avoid use and protect trademarks before using new brand names
• identify patentable matter and make sure of avoid losing invention to competitors
• Make sure its not shared with others before filing patent application
• Make sure trade secrets are kept as secrets
• Make sure IP is protected in all potential export markets
• Use IP portfolio and patent information to develop busiiness stratergies
• Any violation of IP adress ,contact legal advisors
• Frequent inspection and IP audits can make you free and successful during crisis