Nearly one third of New Zealand businesses miss opportunities due to a lack of protection for their intellectual property, according to a new survey.
While 85% report IP protection delivers a compatitive advantage and 90% say it is of growing importance, according to the survey which was conducted for IP lawyers A J Park by UMR Research, it appears many do not put these understandings into practice.
The nature of the losses suffered vary. 17% report competitors have copied their work
17% complained that competitors copied their work while 16% reported lost sales or revenue. 12% said they missed out on new clients or contracts and 10% said they missed an opportunities to grow.
Managing partner at A J Park, Greg Arthur, says directors would question managers if their company suffered losses of physical assets, but are clearly not doing the same when IP is involved.
"In many businesses it is the IP that drives profits, and the losses from not protecting your IP can be just as devastating as the loss of an uninsured physical asset," he says.