Today’s world is revolving around innovations and new creations which seek protection through IPR. Intellectual Property acts as a support system for business growth and business strategy. Vtree Energy is one such company which was founded in 2015, whose main activity is to develop smart furniture acting as charging stations for various electronic devices. It established its business in Romania, which was not accustomed to such type of products because the market was not aware of eco-friendly green energy.
It was a challenging task for Vtree Energy to persuade the investors to invest in the aforesaid company and raise funds and make them believe as to the bright future that green energy holds. The company focused on figuring out ways to increase the value of their product and also maintain sustainable growth of the company which a key essential feature of stability in the market.
INTRODUCTION OF IP IN VTREE:
Vtree Energy came up with the idea of developing its business strategy through intellectual property management and protection to boost the market value of its goods and gain competitive advantage over other companies at both national and global levels.
STEPS TAKEN:
1. Vtree Energy worked with an IP specialized law firm for the IP portfolio making procedure.
2. IP applications were filed in the areas of Trademark, Design and Utility Model for the core development of IP Portfolio of the company.
RESULTS:
As the company implemented a thorough IP protection policy, its sales growth went up to 400% in 2017 and 300% in the first quarter of 2018. The company’s position strengthened over the span of 2 years as there was a reliance on the intellectual assets that hold more value and are highly reliable. The company could also increase its visibility and stature in both local and global markets alongside a strong communication system through IP protection strategy.
IP process being complex and sensitive, there is an extensive need for the new firms, start ups, SMEs etc to work with and take suggestions from the IP experts and gain the benefits from the said their intangibles. Finding an IP professional for assistance is essential. Also, while taking Intellectual Property into consideration, it is essential to ensure that the product is unique and is distinctive from the others and that there are many IP rights for the protection of the same.
CONCLUSION:
It can be concluded that when a business works along the lines of Intellectual Property, its stature is highly stable in the market and the company tends to gain competitive advantage over the others. The assets of the company become highly valuable as they are well protected by the rights embodied and granted under IPR. IP reinforces the growth of the business especially in cases of new and innovative goods and services which have their own distinctive features making them unique.
