Importance of Intellectual Property in Business
What is Intellectual Property? Intellectual property (IP) refers to the mental creations of humans that are exclusive to a single individual. The IP includes literary and artistic masterpieces, patterns and designs, symbols, names, and images in every business endeavour. These creations or inventions are subject to frequent plagiarism or copying. Therefore, individuals are protected under intellectual property rights to protect these unique creations or inventions. In this blog, we will look at the Importance of intellectual property in business and the different types of intellectual property protection available.
Importance Of Intellectual Property
Protects Your Exclusive Rights
IP grants your company exclusive rights inside the jurisdiction in which it is registered. This implies you will own your design, brand name, and invention. The good news is that others cannot directly benefit from your intellectual property or profit financially from counterfeits of your brand.
IP protection also helps you defend your company’s brand, which is frequently harmed by evil people producing subpar products in your name. This gives your company the competitive advantage to compete with even the most well-known brands.
Adds Value to Your Property
Do you want to keep on top of the assembly and manufacturing industries? Then, getting your intellectual property rights is the first step. Securing your intellectual property rights will help your organisation gain a competitive advantage. One can secure the business intellectual property rights by hiring experienced intellectual property lawyers in Perth.
It can also help you acquire the loyalty of your clients by keeping them devoted to your brand. Your company’s logo, name, and the items or services you give your customers are all important branding components. This distinguishes you from your competition and makes your company stand out.
Helps Raise Your Money
Intellectual property protection can help your organisation create a profit-generating asset. This means you can make money by selling or licensing your intellectual property. When you possess the intellectual property rights to a brand or creation, you can utilise it however you see fit. You can even sell the rights to other businesses or people. Earning royalties from licensing your intellectual property or selling the rights to another individual might provide an additional cash stream for your company.
Knowing how to exploit your IP fully is critical to defending it. Some financial organisations value intellectual property rights; in some situations, they can be used as collateral for multiple loans.
Types of Intellectual Property Rights (IPR)
The various types of intellectual property rights are as follows:
Copyright
The right to “not copy” is referred to as copyright. It is an intellectual property right covering literature, art, music, sound recording, and cinematography. Unauthorised use of the content is prohibited by copyright, including acts such as copying and distributing copies of the subject matter.
Copyright allows for the automatic protection of work as soon as it is created. Though not required, copyright registration is required to exercise the right in case of any violation.
Trademark
A trademark is any term, name, symbol, or combination of words, names, and symbols that allows us to identify and differentiate items created by an individual, corporation, or organisation. Trademarks include the Apple logo, LG logo, Dell logo, Audi logo, etc.
In India, a goods/service provider can get a variety of trademarks, including product marks, service marks, collective markings, certification marks, shape marks, pattern marks, and sound marks. Although trademark registration is not required, proving exclusive rights to such marks is necessary.
Geographical Indication
A geographical indication identifies and differentiates agricultural, natural, or manufactured items from one geographical place to another. Handicrafts, industrial goods, foodstuffs, and other manufactured commodities are also included. Such signs significantly showcase the diverse components of our past and the collective goodwill of a certain geographical location built up over time.
Patent
A patent is a privilege granted to the inventors of a certain product or business. Patents are only granted for inventions, not for discovering a phenomenon. In this context, invention refers to creating a device or a concept using your intellect, whereas discovery merely involves learning about and discovering something that already exists in the universe.
The following example demonstrates the distinction between discovery and invention: When Isaac Newton watched an apple fall from a tree, he discovered gravity, and Alexander Graham Bell built the telephone. In this example, the telephone as an innovation can be copyrighted, but not gravitational laws.
Design
Nowadays, clients have many items to choose from, many of which provide the same fundamental functionality. As a result, people will prefer the one with the most appealing design within their price range. The primary organisations that use design laws are industrial products and handmade handicrafts.
Automobiles, telephones, culinary utensils, electrical appliances, and other items fall under this category. These rights provide the right holder authority over the commercial manufacture, importation, and selling of products bearing the protected design.
Conclusion
Finally, the Importance of intellectual Property rights in any business is completely justified. They play an important part in company strategy, and companies should take the appropriate precautions to preserve their IP. Intellectual property protection can give a company a competitive advantage, attract investors, generate money, build a brand’s reputation, and provide legal protection.