Avani Vyas, Senior Underwriter at Delta Insurance, on why businesses need to protect their IP rights.
High profile Intellectual Property lawsuits, two involving New Zealand-based companies, have grabbed the headlines recently. The cases have a serious financial impact on the balance sheets of the companies involved and have shaken the confidence of shareholders.
If nothing else, the cases highlight the fact that IP rights are no longer a legal issue but a strategic board-level issue. This is also a key take away from the latest whitepaper released by Delta Insurance, Protecting your Competitive Advantage. The whitepaper traces trends in IP disputes in the US, China and New Zealand, and highlights cautionary tales for New Zealand SMEs planning to commercialise their innovations and brands.
Businesses should align their IP strategy with their commercial objectives, as each country has its own challenges. In the US, online trolls and abusive competitive tactics are major hurdles for a company; in China counterfeiters are a major challenge. New Zealand is evolving as a complex battleground with global companies leaving no stone unturned to enforce or defend their IP rights, and it’s yet to be seen what new challenges we will face in the global marketplace.
Access the full white paper here