Enforcing your IP rights can bring your business a big payday

There are many opportunities to fight a legal battle over IP. When’s the right time to fight that battle? It depends how much revenue you can bring in.

One of the most crucial steps to take when starting up a new business is patent your product, making it your intellectual property and yours exclusively. This way, it will be much easier to make a profit moving forward, without rival businesses infringing on your market share. And if one does infringe? You stand to reap a pretty significant payout.

If you think your product idea is being stolen, it can pay handsomely to speak up about it.

Nokia enjoys a payday from patents

If you think your product idea is being stolen and you're on solid ground under patent law in Australia, it can pay handsomely to speak up about it. For example, according to a Reuters report, Nokia brought in a big payday when it challenged the South Korean company LG Electronics for infringing on its smartphone patents.

While the exact terms of the settlement were not disclosed publicly, we know that Nokia brought in a hefty sum. The company's patent unit made $925 million in sales in just the first half of the year, and it's believed that the LG case was responsible for a sizeable chunk of that. By taking full advantage of its licensing opportunities, Nokia was able to create a substantial windfall.

Can patent battles bring you more money?

Even if your company doesn't have the size and scope of Nokia, you will still probably have opportunities at times to work with patent lawyers and collect the revenues you deserve. According to Mondaq, it's imperative that companies of all sizes keep an eye on the marketplace and know when a copycat is trying to sell their product.

Can going to court help you score a big payday?Can going to court help you score a big payday?

If you have a ready-made enforcement policy in place to go after infringers, it's easy to take action the moment you notice suspicious activity. This policy needs to include criteria for how serious an offence you're willing to go after, and at what cost.

Reach out to our lawyers for help

Whenever you run a business, your intellectual property is one of the most valuable things you own. So why not protect it? At Alder IP, we have the resources to help you do that. Our team of patent lawyers in Sydney will stand up for you and fight when there's an IP battle to be won. Contact us today if you have any questions about managing your portfolio.