Who Needs and IP Strategy?
Developing IP strategies can even be important for industries that have traditionally not had to worry about IP. Even industries that have enjoyed long standing market power are being disrupted by technology and IP.
Take for example the limousine and taxi industry which, for decades, had enjoyed a virtual monopoly on transportation services. Its business interests have been severely affected as a result of new entrants like UBER. UBER is a car-ride sharing business that matches amateur drivers with customers using a smartphone application (app) that it developed and has protected by industrial designs and patents.
Because consumers are increasingly turning to smartphone apps to engage with service providers, UBER has managed to take a significant portion of the market share away from traditional transportation services, which have been slow to respond with their own smartphone apps.
Businesses should not be complacent but must always be on the lookout for what competitors might be doing especially in terms of the development of new technologies and innovations.