It is no secret that the economy has been bleak. But no recession lasts forever. At some point, we will emerge from the recession and begin an upward economic trend. The question is, will you be prepared to compete during that growth cycle? We expect that competition during the growth cycle will be fierce. Domestic and global competitors will fight for market share. Those having an edge will have the upper hand.
One of the best ways to obtain an edge over the competition is through intellectual property (“IP”) protection using patents, trademarks, and copyrights. Obtaining and enforcing IP puts a lid on competitors who would otherwise copy your innovations. The time to begin obtaining your IP is now. Not only can you benefit from having an early filing date, but trademarks, and especially patents, can take some time to be granted. A patent cannot be enforced until it is granted, so it is better to apply early and get the process started, so that you will have the patent in hand by the time the competitors arrive. In addition, a recession may be the best time to license IP from others, or buy IP outright, especially from struggling or bankrupt companies. If you would like to discuss how we might help you with your IP needs, please call us to schedule an appointment.
