Due to increase in IP crimes protecting IP has become integral part of the digitized era in order to promote innovation, creativity and competitiveness. However, it has been mistakenly believed by the exporters in India especially MSMEs in export business that by applying for trademark, patent or industrial design protection in their own country gives universal protection. The fact is IP protection has territorial limitation in the country where it is registered and therefore entrepreneurs should take steps to protect their IP in each country wherein they are willing to do business because it enhances your asset and provides competitive advantage internationally.
IP contribution in national economy is endless. There were many instances wherein creative ideas, brand logo or name, aesthetic features develop by original creator were stolen by the other countries and immense profits were earned without the consent or knowledge of the original creator which contributed in the economy development of those countries, leaving India behind in stagnant condition. Therefore, in order to protect the work and provide certain rights in the favour of the original creator, there is a need to protect IP against unauthorized third-party use. The following are the advantages for securing IP.
Not checking whether a IP is already registered or is being used by competitors in the export market causes lots of inconveniences because using a IP in another country that is identical or similar to one that is registered or is already being used there by a different company could be considered to be an infringement on the other firm's IP Rights. You may be asked to cease using such an IP or asked to pay damages for infringement, which may be a huge blow to the entire marketing and export strategy of your enterprise. Therefore, doing proper IP search in the relevant export market and IP registration in the countries wherein exports are done is a crucial step prior for initiating, facilitating recognition and protecting your export operations.