All businesses face tough competition in the market place, and the number of competitors and the intensity of that competition only increase over time. For a business to sustain a competitive advantage it must have a thorough understanding of its core competencies as well as what differentiates it from its competitors or what might be required to differentiate it from competitors. Based on that knowledge, the business can then investigate what forms of IP protection best serve it. The business should also understand what intellectual property (IP) it thinks it has, who its competitors are, and what IP those competitors may have. Once the answers to these questions are known, the business should ideally investigate whether it is free from competing third-party rights, and whether it needs to licence-in or develop more IP to enable it to sustain its competitive advantage. Ideally, these investigations should be on-going. For example, the business should regularly review its IP rights to ensure they align with the business plan.
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