Companies hate expansive IPR – cost and hassle

What are the main challenges facing businesses in terms of IP protection? The main challenges are registry issues, backlogs, delays in trademark and patent registration, lack of experts in patent claims drafting, the cost of protection, lack of awareness of IP rights among SMEs, and IP lawsuits. What are the steps involved in the patent registration process? The most important step in the patent registration process is the drafting of the actual patent application, which needs to encompass as much of the innovative processes as possible and be written with the expectation of opposition in mind. What is the cost of trademark registration? To register a trademark, one can expect to pay between $225 and $325 per class code, not including search or attorney fees. What is the issue with IP awareness among SMEs? In Africa, over half of the SMEs have never heard of intellectual property due to a lack of awareness-raising efforts in the business world. What is the impact of IP lawsuits on businesses? IP lawsuits can be time-consuming and expensive, with a price tag of between $2.3 and $4 million. They can also be detrimental to a company's reputation. What is the solution to the lack of awareness of IP rights among SMEs? Raising public awareness of IP through media outlets and government initiatives that reach commercial settings is the first step in solving the lack of awareness issue.