The prospect for deflation due to innovation and intellectual properties for the Eurasian Markets in 2023 are looking robust. Even though the current inflation rates exceed at an annual 6.5- 7 per cent, subsequent stimulus by global governments for technology and manufacturing innovation is exceedingly looking positive to promote a deflationary effect. Despite rising economic pressures, India has already moved up two spots to 46 in the Global Innovation Index (GII) of 2022 .
if a 32” television costed approximately $1,000 in 1990 it would cost an approximate $66.5 in 2022
According to the Economic survey of India report of 2021-2022 between 1990 and 2022 the manufacturing, construction, technology and energy segment has experienced an average inflation rate of -6.8% per year, that means if a 32” television costed approximately $1,000 in 1990 it would cost an approximate $66.5 in 2022 ; for an equivalent purchase. Besides, the innovation in the inter disciplinary sectors have also scaled up causing the comparative operating costs to go down without any compromise to quality. Experts forecast new industrial revolution in 2023 to be solely due to innovations in agriculture and technology in healthcare, transport and logistics sectors that will also define the growth for other parallel industries.
what cannot be measure, cannot be managed hence innovation should be quantifiable
What is Innovation for Intellectual Properties
Often industries and governments define innovation as adding of new features and calling it your brain child. However, in our experience that is quite a restricted assessment of the term. In fact, in innovation and intellectual property management a lucrative IP is something that translates into
- efficient usability
- spurs competition
- brings down prices
- creates values of compatibility for parallel industry
Why you may wonder? Because what cannot be measured, cannot be managed hence innovation should be quantifiable to be considered valuable.
Opportunities for 2023:
The robustness of on-the go innovation was first seen in the healthcare industry due to the pandemic. The rapid development of vaccines and subsequent innovation, research and reach has showed us the glimpse of future and profit of intellectual property rights.
According to OECD’s Handbook on Deriving Capital Measures of Intellectual Property Products intellectual property right is a unique asset for its owners. As its created value gets transferred from one accounting period to another. Thus, your IPs stay protected yet also produce benefits for more than a year.
Therefore, this opportunity for 2023 is going to accrue much larger gains to balance out the inflationary figures ‘especially for new business owners who have seemingly lot to worry about.
In our experience inflation and bearish markets are actually good times for market to invest in IP -portfolios and IP -registrations that empowers businesses in improving their efficiency in existing technologies along with getting a lead ahead of their competition. Thus, giving them global or nation-wide recognition.
Publishing your existing innovations in journals and PR articles creates more ways of ensuring that your patented R&D, industrial design, trade secrets, and copyrights are not breached by other profitable competitors who seek to claim ownership.
Keeping Costs Low: Recommendation by Nicomedia IP Experts:
In order, to drive down costs without compromising quality here are a few recommendations to keep your innovation stay balanced with company’s OPEX
- Knowledge Management and Avoid knowledge Leaks: Internally, classify and allocate resources to your innovation development into basic, applied, and experimental development. This avoids knowledge leaks and hence categories can be adequately protected
- Ownership Management and Publishing: If in case your company is not seeking to invest in innovation due to market concerns it is highly recommended to opt for publishing. Publishing your existing innovations in journals and PR articles creates more ways of ensuring that your patented R&D, industrial design, trade secrets, and copyrights are not breached by other profitable competitors who seek to claim ownership.
- Accounting Due Diligence: In cases of handling innovation in licensing of software or platforms it is important you define which output is recorded as gross fixed capital formation (GFCF) and which should not. This will help keep your accounts book in check and define the life-span of every innovation that you undertake.
- Create a new legal entity: According to due diligence experts at Nicomedia IP , companies should create a new legal entity, either incorporated, unincorporated or a branch, which can operate as a new business enterprise or a vertical. This will help in keeping your innovations management endeavours and cash flow in check and assist in managing your risk compliances better.
If you would like to know how you can create a niche for your company in IP rights without emptying your pockets get in touch with us at contact@nicomediaip.com or book your first free consultation here . Our IP strategy experts will help you be on top of your competition without feeling a pinch .