How IP can be used in the Circular and Green Economy

TORONTO - Jan. 2, 2021 - PRLog -- Can IP rights and innovation strategies help the circular and green economy?

Canaan Bridges Consulting talks about two ways below:

One: IP Awareness among Green Innovators

It is all too familiar: a green entrepreneur has developed an innovative product, but lacks knowledge on how to transform the product into an IP asset. There is little to no inherent value in intellectual property without its commercialization. Before sound commercialization strategies are even thought about, a sensible question is: Is there IP in your green product?  And, what type(s) of IP is it?

While it is not impossible to develop and commercialize IP without basic knowledge on the innovators part, an innovator armed with basic knowledge in the field, is likely to be more confident and knowledgeable in business pursuits. For example, knowing how to conduct prior art searches can save the green innovator time and money, where such searches shed questionable doubt on the novelty of a green invention. Further, knowing how to differentiate between different IP forms can equip green innovators with basic knowledge about which IP works best for their products.

Two: Building Connections with the Circular Economy

Most of us have heard of the circular economy. In the context of innovation, the circular economy is all about how existing products can be repurposed for new uses, how existing waste materials can be regenerated to create sustainable by products, and how existing infrastructure/resources are revitalized for uses that greatly benefit people and our environment.  The use of IP to leverage circular and green economy benefits is possible in several ways. Two innovative ways are (i) IP can be used to create strong assets out of the products created. For example, if your firm builds electric trucks, and you have created a new design for all or a portion of the truck (eg. its bonnet, wheels or roof) the design may be registrable as an industrial design (design rights). A design right may add significant value to your portfolio.

The second point may be of interest to up-cycling enthusiasts who have a particular unique style in developing recreations. How useful is IP to this space? Trademarks are useful in differentiating your product/service offering from others. They are also great tools for leveraging your customer base, especially in digital platforms. If you employ persons or sub-contract portions of your up-cycling work to others:  a non-disclosure agreement can be used to protect against the loss of trade secrets to others.
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Canaan Bridges Consulting helps you in using IP and innovation strategies to leverage your customer base, your assets and business objectives.