What is Intellectual Property?
Intellectual property (IP) is nothing but the mere creations of the mind, such as inventions; literary and artistic works; designs and symbols, names and images that are used in commerce.
IP is shielded in law, for instance, copyright, patents and trademarks, which allow people to gain recognition or financial advantage from what they invent and create. Therefore, by maintaining the right equilibrium between the interests of makers and the wider public interest, the IP system comes with an objective to encourage an environment in which creativity and novelty can flourish.
Today, Intellectual property database and assets have panned out as the currency of business, which can be used not just to safeguard the technology rights, but also to gain an upper hand and foster new revenue possibilities. But still in many organizations, there is no connection between IP strategy and the business strategy. There is no doubt that outmoded IP tools and processes can escalate a company’s exposure to risk and end up with missed opportunity costs. Intellectual property can include different areas, from logos and corporate entity through to products, services and processes that makes you stand out when it comes to business offering. Almost every single business on Earth have irrefutably benefited from the internet, where products and services and marketing campaigns can reach colossal audiences at relatively low costs; but the other side of the coin is that it has also magnified the chances of intellectual property theft. Irrespective of the company size, each company is at risk of having their unique ideas, products or services breached, even if they are on the other side of the world, thus making intellectual property protection imperative than ever.
Reasons to Protect your Intellectual Property
- Your idea is only yours
When you have a unique and instinct idea for a product or service, there could always be a chance that people may duplicate your success or even sell ideas in their own name. Certainly, you would not want that! So depending on individual circumstances, one can use patents, copyrights and trademarks- all of which encompass different realms of intellectual property. And these can be used to restrict your competitors from stealing your unique ideas for their own advantage without your legal consent.
- Shield business growth
For instance, if you are a small business, it is very significant to protect your product or service as your competitors can use your strategy and layout to get their hands on the major market share, thus resulting in slow business growth or revenue. Losing market share in the beginning of your business development can prove devastating and time consuming in an attempt to hunt down the guilty party without any legal protection. And most importantly, no one will come and tell you if your intellectual property gets infringed; it is you who owes the responsibility to make sure that no one else is using your intellectual property database and assets.
- It’s not that Complicated
Though it might seem intimidating or time consuming in the beginning, but protecting your IP is worth your time and effort and is not that complicated as you might think. For taking a copyright, there is no actual registration procedure to follow as protection is free and autonomous. Though copyright doesn’t actually protects an idea itself, it can also safeguard the way the idea has been depicted- for instance brochures, websites, presentations, etc.
Accomplishing your business objectives won’t be that easy, and there are no hacking tricks to get over such problems. However, your strategy must be clear by working closely with domestic and international partners, and develop and maintain a complete toolbox of remedies to come with an efficacious enforcement system.