Confidence is understandably low and many businesses are simply trying to weather out the storm. It’s easy to see why there is so much pessimism and caution around.
However, history teaches that times of crisis can also be times of great innovation. Necessity, as the old cliché has it, is the mother of invention. Many businesses are looking not only at short-term survival but at medium term opportunity, by planning new product and service offerings, filling gaps that are opening up in what used to look like entrenched markets and seeking different customers and suppliers. Elsewhere, those looking at starting new businesses see the potential for rapid change in the market as a green light to the future.
Those of us who have the pleasure of working with the inventors and innovators of the business world have seen a number of fresh business models emerging, as well as creative brands and product ideas. Because these things are both difficult and expensive to develop, they are worth getting right and protecting.
So it has been heartening to see over recent months our team presented with a number of novel concepts to fit out with the solutions new businesses and business departures need: a combination of regulatory advice, intellectual property protection for their brands and products, and tailored contract models for their partnerships and ways of doing business.
In the past, when the economy seemed easier to navigate, many businesses might have been tempted to pursue these new ideas “on the fly”, without advice in the early stages. However, whether it is a sign of a new caution or simply an indicator of the seriousness of the stakes involved, there has been a noticeable level of intent among the people we have been talking to: they want to sanity check their ideas around regulatory issues, data protection compliance and potential third party rights infringement, and they want contracts in place to ensure as far as possible that they don’t get caught out in dangerous times. And where they have sweated to innovate, they want the protection on offer for what they have created.
These are undoubtedly some of the toughest conditions in living memory for businesses to get through, and it’s easy to get depressed when you hear about the hard times so many people are having to endure. But there are still opportunities out there to be taken by those who innovate – with planning and due caution.
For help or further advice on this article or Intellectual Property generally, please contact Clive Lawrence, Head of Intellectual Property and Commercial Law on 0113 280 2217 or firstname.lastname@example.org
Please note this information is provided by way of example and may not be complete and is certainly not intended to constitute legal advice. You should take bespoke advice for your circumstances.