With reference to the law of intellectual property, discuss four advantages of registering an industrial design
Advantages of registering an industrial design with reference to the law of intellectual property
The protection of industrial designs should form an integral part of any business strategy. The main reasons to protect industrial designs are the following:
- Return on investments: Protection contributes to obtaining a return on t investments made in creating and marketing attractive and innovative products.
- Exclusive rights: Protection provides exclusive rights for at least 10 years, so as to prevent or stop others from commercially exploiting or copying the industrial design.
- Strengthen brands: Industrial designs can be an important element of a company’s brand. Protecting industrial designs contributes to protecting a company’s brand.
- Opportunity to license or sell: Protection provides rights that may be sold or licensed to another enterprise, which will then be a source of income for the owner of the rights.
- Positive image: Protection helps convey a positive image of a company, since industrial designs are business assets which may increase the market value of a company and its products.
- Reward: Protecting industrial designs rewards and encourages creativity.