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Market research: your business context

Running an in-depth market research is a key step when you are getting your business started. Understanding the context where you will commercialize your products, creations or services will help you build a competitive advantage and grow faster.
The main elements to be considered under your market research are:

a. What sets your apart: your Unique Selling Points

At this stage, it is important to understand if there is any element that is or will become your unique selling proposition (or USP), something special that sets you apart from what is already available on the market.

b. Where your business operates

It is also important to understand how your products and services will reach the market, and in which geographical regions.

c. Your competitors

Finally, it will be important to recognize which players currently are your competitors, and which ones may become competitors in the future. As part of this analysis, remember to assess what kind of products your competition is selling.

All these elements contribute to and drive your company's IP strategy

Market reasearch: determine what's new

Market research is key to gain insights into your competition and into your unique selling point (USP)

First, identify whether any aspect of your business is unique.

• If unique, you might be able to protect it with IP

• If not unique, someone else might be protecting it with IP and you might need permission to use it.

What can you protect with IP?

Remember, a wide range of elements you daily use in your business may be protected with IP. Most businesses use a mix of IP rights to protect each intangible asset.

IP rights are an investment into your business’ future. Think about where your business will be in the near and long-term future. If you wait, you may miss the window to protect most types of IP.

Where should you protect your IP?

When choosing where to protect your IP, consider where you and your competitors operate around the world. IP rights are in fact country specific (or territorial), and therefore:

• You need to secure rights in each country

• The procedures and costs of protection may vary by country

• In some cases and countries, protection may be automatic

Protecting your company’s IP when working with others

As you’re setting up your business, you need to work with others, from software developers and graphic designers to business consultants or technical engineers.

Make sure that during initial conversations you protect your IP and business strategy. Be clear from the start and put in writing the following:

a. Clarify what IP your company owns

If you own the IP, make sure you can prove it and be clear about the fact that IP rights are assigned to your business.

If you do not own the IP, make sure you get permission to use it, if needed not only currently but also in future products or with partners. Make sure you also clarify whether you can use it if you sell your business

b. Know what you will get

Put in writing what you will obtain from this relationship, and consider whether you need anything from the other party (e.g. documents, source code, models, formulas, materials, etc.).

Think beyond today and anticipate what you might need if your business or technology evolves and changes.

c. Identify what needs to remain confidential

Be clear about what proprietary information is confidential and specify how both parties can use this information. You may want to request the other party to disclose how they will protect confidential information.

Make sure you also include, if needed, conditions on whether the information needs to be returned or destroyed after the work is completed.

d. Using third party’s IP

Check if your collaborator is using someone else’s IP, in which case make sure you get permission to use it if needed. This is critical to avoid someone accusing you of using their IP without permission.

Benefits of effective branding

Starting a business often means building a brand and a reputation for your offering. As you are starting your business, remember that a successful brand appreciates in value over time and can:

• Distinguish you from competitors

• Drive consumer trust and loyalty

• Stop others from free-riding on your success

• Generate new revenue streams

• Help secure financing

Choosing and building a brand

Choosing your brand wisely is the first step towards building and scaling your business. This includes your brand name, logo, and other related assets. Before making this choice you should conduct some research and make sure your chosen brand is:

• Not already used in key markets (including the name, domain name, and logo)

• Consistent with the image you want to portray

• More than a simple description of what you will offer

• Not offensive or negative, including in other languages or contexts

• Not deceptive to consumers, including in other languages or contexts Once you choose your brand, protect it using IP. To maximize protection, make sure you:

• Protect different aspects of your brand (your logo, slogan, product names, etc.)

• Register in the markets where you plan to use it

• Secure your virtual brand real estate (domain names, branded key words in search engines, social media, etc.)

Keeping your brand safe

Building a successful brand also entails sound management in keeping your brand safe.

It is important to monitor markets and understand if anyone is using your brand. If you discover someone else is using it, take action.

You can use your IP to make them stop, or to generate revenue by asking them to pay you to use it.

In case you do allow others to use your brand, remember that your name and reputation matter. In the contracts, make sure you:

• Include guidelines for how your brand can be used

• Require a minimum quality standards

• Have the right to make them stop using your brand if your reputation is at risk.