Any business or venture be it small or big is exposed to various kind of risks. One of them is business risks like market fluctuations, also called business cycles market boom or decline. Another is operational risks that arise within the organization due to improper working, mismanagement or wrong decision making. These are the common business risks that most people are aware of but still many cases are filed against company employees regarding the same. The most crucial risk that has grown now a days is intellectual property rights. Specially in industries like pharmaceutical, art works, etc. Let us see how to keep away from such risks.
First say market risk. One should always be aware of business conditions. It is the pre requirement to reduce be prepared before it arises. Entrepreneur should undertake business research for this. Business research keeps us updated about what’s going in the market and gives in depth analysis of the same. The information available from the research is vital as the research is undertaken by specialists at firms providing these services.
Secondly, to keep away with operational risks or sue arising, management should take proper care of its decisions and company laws governing such cases. For instance, if any case is filed against an employee or a partner or any other stake holders, various litigation support services are available. where professionals help to sort it out effectively. One can go for intellectual property consulting for the same.
Third one, that is intellectual property risk is most uncommon of all. However people have already started learning about it and millions have applied for the same. There are various intellectual property rights. It includes Patent Registration, Trademark Registration and Copyright. Let us understand each of them one by one.
Patent is a legal instrument confined to motivate innovation by providing monopoly to the inventor in exchange for the disclosure of the invention or discovery. So an inventor can secure his rights exclusively. For example a pharmaceutical company invented X drug for a particular disease say swine flu, it can get the invention patented and enjoy its monopoly thereby earning more rewards from the market. As it is a legal right no one can make use of the same procedure till patent expires. For this entrepreneur needs to get patent registration done.
A trademark is a distinctive sign, logo or image used by a business organization or other legal entity to identify that the products or services from the competitors. The products having trademark are secured. One needs to make trademark registration for its logo whether it is name or design to avoid counterfeiting of its products.
Copyright is the right which is used for composition of music, painting, dance or any kind of art work. It gives legal right to the holder. One can be sued if he is found copying. All these tools can help you to keep away from various business risks.
TT Consultants is an ISO 27001 and ISO9001:2008 certified company. We provide Patent Litigation Support, Patent Prosecution Support, Licensing Support, Patent Post grant review, Technology Transfer Consulting, Patent Portfolio Management, Business Research, Market Research and other IP related services to leading patent law firms, attorneys, inventors, companies and intellectual property owners in US, Canada, Taiwan, India and Japan.