The Importance of Intellectual Property Protection in the Time of Tariffs
As this week’s tariff headlines caused concern around the globe and whiplash for international relations, they have also created a timely opportunity to discuss securing and maintaining intellectual property rights across borders. Protecting IP internationally remains important even with potential uncertainty in trade.
With the rapid implementation of changes creating uncertainty with importing goods, it can be easy to ignore your long-term investment in IP rights. The process takes time to complete, and the constant threat of other innovators securing rights to similar intellectual property will not stop for trade negotiations. Once your legal IP rights are secured, protections remain in place long past current administrations. Without securing these rights in the more immediate timeframe, however, it is possible to lose legal rights forever.
Even without importing, securing your IP legal rights can act as a placeholder in the market, affecting importing, usage and manufacturing of claimed intellectual property within that jurisdiction. With the ability to prevent others from bringing similar products to the same jurisdiction, holding patents secures an advantage by preventing competition, even if bringing a product to market across the border may not be prudent in the short-term.
Holding IP rights to your innovation can also lead to collaborations and potential revenue sources by monetizing those IP rights. If tariffs create an atmosphere where importing items becomes untenable, your rights have the potential to create an alternative income stream. This could be accomplished through IP licensing deals with international business partners and can create an opportunity to strengthen existing relationships or develop new partnerships and ventures.
It is important to remember that you and your company’s intellectual property is more than just an end-user product. Intellectual property is an asset that can increase an organization’s value, making it more attractive to outside investment. It can be used as collateral to secure financing, and it can be leased to others to raise capital.
The attorneys at Renner Otto do not have a Magic 8-Ball to predict the short-term ramifications of potential tariffs, but decades of experience have shown us the benefits to organizations when they protect their place across markets. We have been keeping a close eye on the USPTO and so far, are not overly concerned with how changes will affect those filing in the United States. We will continue to monitor potential new developments.
Contact us for a complimentary consultation to see how we can help your business move your innovation forward.
The attorneys at Renner Otto strive to be authorities in all matters concerning the ever-evolving landscape of Intellectual Property; however, the information provided on our website is not intended to be legal advice, nor does it create an attorney-client relationship.