Leveraging Intellectual Property For A Sustained Competitive Edge Management
Perhaps one of the most well-known patents in human history is the electric light bulb. In the year 1878, Thomas Alva Edison received it. However, at the same time, an English inventor by the name of Joseph Swan was granted a patent for an equivalent invention in England. Later, the two formed Edison & Swan United Electric Light Company by coming together.
Alexander Graham Bell created and received a patent for the first telephone in 1876. The American Telephone & Telegraph Company was later cofounded by Bell (AT& T)
Both users and the information technology (IT) industry suffer from computer viruses. The FireEye Malware Protection System, which Ashar Aziz patented in March 2005, was the first programme to identify these viruses.
And the list goes on. These creators chose to patent their inventions because it pays to stand out from the crowd.
Cut to the twenties. Innovation is the backbone of every business in todays aggressive marketplace and is what gives rise to the creation of intellectual property. Be it consumer goods telecommunications, medical science, biotechnology, manufacturing, infrastructure science and technology and more finding creating and applying innovation gives a company a competitive edge and contributes to its longterm success.
"The Telecom industry in India is the second largest in the world and the telecom manufacturing space is flush with fierce competition and rapid advancements. Manufacturers looking to thrive in this space need to set themselves apart by establishing strong innovation capabilities"
Intellectual property - Transforming the telecommunications landscape
In 2022 alone, the Indian Patent Office issued more than 31,000 patents. The Indian government highlighted that domestic applicants'IP registrations in early 2022 out weighed foreign applicants for the first time under the nation's new intellectual property law. It is a clear indication that India is growing and putting a strong emphasis on economic prosperity, which can only result through innovation. The structure of the country's economy is defined by advances, particularly in the current technological era.
The Telecom industry in India is the second largest in the world and the telecom manufacturing space is flush with fierce competition and rapid advancements. Manufacturers looking to thrive in this space need to set themselves apart by establishing strong innovation capabilities. Intellectual Property (IP) has always been a valuable tool for companies seeking to achieve growth especially in the knowledge economy. Investing in research and development and properly protecting their IP will enable them to to build a sustainable business that captures a larger market share, improves financial performance, and enhances business competitiveness in multiple ways.
An intellectual property (IP) strategy is often a cornerstone of aggressive business tactics for fast growing companies
Now is the time to redefine your IP Strategy
With the advent of 5G, IoT, AI, and other emerging technologies, it is imperative to transition from the traditional approach of siloed intellectual property(IP) strategy to a more collaborative approach that goes hand in hand with business growth objectives. This shift is crucial to effectively manage IP risks, promote innovation, and leverage the full potential of new technologies. Integrating IP strategy with business priorities can facilitate more agile and proactive decision-making and enable businesses to create new streams of revenue, expand into new markets and build long term partnerships.
In fact, India's telecom sector is in the midst of major transformation with the help of policy reforms and big ticket investments as well as a push for 5G. If telecom and tech solution providers can tap into the full potential of IP-led innovation, and build their own expertise and R&D talent, they will be able to make the most out of this growth cycle. Potential areas of focus for telecom and tech solution providers can be investing in research and development (R&D) for handset mechanics, network equipment, antenna and fiber cables, patch cords and fiber terminations and fibre optics. An intellectual property(IP)strategy is often a cornerstone of aggressive business tactics for fast growing companies. A notable example is STL, which has centered its efforts to develop patented technologies and products to provide customers with unique and innovative solutions, thereby gaining a competitive edge in the market. With an impressive patent portfolio of more than 700, STL has firmly established itself as a technology-driven organization that places innovation at the forefront of its operations. Its unwavering commitment to research and development has led to the creation of industry leading products, including Celesta, a cutting-edge high density ribbon cable that significantly reduces installation time and optimizes project cost, and Opticonn, a comprehensive end-to-end solution that encompasses optical fiber products, pre-connectorized kits, and post-sales support.
STL has established a significant competitive advantage by building robust patent portfolios around compelling and cost-efficient solutions to complex industry problems.
Intellectual Property to build Customer Trust & Win in New Markets
Intellectual property gives fast growing companies a competitive edge, agency and control over the "Go-to-market process. A key advantage of this is the ability to forge robust and profitable exclusive partnerships, engage in cross-licensing for scalability and cost optimization, and even cooperate with competitors, resulting in a phenomenon known as 'coopetition'. In the current business landscape, attaining a dominant position in new markets and external geographies is not merely a matter of being the first to arrive but rather of establishing a firm footing and defending it through a well-defined IP risk management and offensive strategy.
Intellectual Property builds credibility with customers, which is a highly valuable asset. A company trademark creates a positive reputation among customers. In addition, a strong patent portfolio can help to attract investment and augment company valuation, as investors are more inclined to invest in companies that prioritize IP-led innovation.
Remain bullish on IP, Recognize its Value
In the fast-paced world of technology, domestic companies are realizing that IP is a powerful tool for amplifying their impact as they expand beyond their domestic market and compete with global players. In the world of business, intellectual property is the ultimate weapon and armor, necessary for both survival and triumph, particularly if a company's goal is growth.