Intellectual property is incredibly valuable in every industry, including the construction industry. These assets may include machinery, processes, tools or materials you developed. Your company’s information, from your brand name to your website and phone number, is also intellectual property.
Fortunately, the United States has laws in place that allow you to protect this property. However, you should understand the importance of intellectual property in the construction industry.
Types Of Intellectual Property In Construction
Your company may seek utility patents for useful inventions, including tools, manufacturing equipment and new supply inventions. Even construction, renovation and building methods can receive a patent. You can also trademark your brand, logo, building designs and layouts and product colors. You can protect your website and phone number as well. Finally, your architectural designs, blueprints and layouts as well as your manufacturing process can receive copyrights.
Stronger Competitive Advantage
Creativity and innovation set you apart from others in the construction industry. If you can provide better options or have a stronger brand, you can gain an advantage over your competitors. You can expect greater exposure through creating and establishing your intellectual property.
Increase Your Market Value
Your company’s value is the result of its sales and marketability. Unique processes, innovative designs, exceptional quality and a strong brand allow you to increase your prices in a highly competitive market that consistently drives prices down. Instead, your company will attract more work. Your intellectual property becomes a selling point that increases your company’s value.
You may not have previously considered the impact of intellectual property on your construction company, but as building methods expand into 3D printing and eco-conscious design and construction, your company needs to stand out through its innovation and intellectual property.