In a recent IT World Canada report, Sensis CIO Tom Uva suggested companies with unique products should protect their intellectual property to maximize profitability.
According to Uva, his company offers a product that incorporates new functionality and value, although its core is not completely new. In such cases, Uva stated, it is crucial for companies to invest in protecting their intellectual property "from day one."
By ensuring that the rights to a feature or function are protected, companies can maintain an edge in a competitive field, according to Uva.
"If there's something you can patent, do so," he said.
In addition to patents, Uva recommended non-disclosure agreements as an important tool for the protection of intellectual assets. According to Uva, NDAs should be utilized for any important topic on which conversations go "beyond the basic PowerPoint" presentation.
Without NDAs and patents, companies risk the chance that competitors will utilize their ideas before they have an opportunity to profit from them, Uva said.
A recent PricewaterhouseCoopers study may also point to the effectiveness of patents in protecting intellectual assets. The study found that once an intellectual property infringement case reaches trial, the patent holder has a 66 percent chance of winning.