“Technological innovation is driving the evolution of the parking industry,” states Ralph G. Fischer and Jason P. Wrona in their article, “The Basics of Intellectual Property,” published in the July 2013 issue of The Parking Professional magazine.

The article delves into ways in which manufacturers and product developers can cover their assets and enhance their marketability in the fiercely competitive market. Innovative products such as manual meter reading and single-space mechanical parking meters are being replaced by enhanced technological products like license plate readers (LPR) and pay-by-plate multi-space meters.

“As technology in the parking industry evolves at an accelerated pace, manufacturers and product developers should prioritize the protection of their intellectual property,” the article states.

Fischer and Wrona suggest that manufactures and developers of parking products and services consider legally protecting their intellectual property, in order for their product to stay out of their competitor’s stable of products. They suggest utilizing the different types of patent protection that is available, such as utility patents, design patents, or even trademark protection – whichever best suits the particular product or service.

For more information on the parking industry, visit parking.org.