The debate over Intellectual Property has raged on since forever.
Copyright infringements and trademark violations have occurred regularly despite the companies’ trying their hardest to protect their interests.
It can be safely stated that Intellectual Property is an invaluable
strategic asset in today’s knowledge-based economy and should be carefully safeguarded.
What is Intellectual Property?
By Intellectual Property, we mean unique mental creations. It comprises of things that you have made that are one of a kind and that give you a financial advantage including software and computer programs. Examples of Intellectual Property can be inventions, plans and unique works of authorship, trade secrets, images, apps, automated programs, names and pictures utilized as a part of business.
Reasons to Protect Intellectual Property
Suppose, you have a groundbreaking idea for some new software. After months of research and evaluation and immeasurable effort, you believe you have found your “eureka” moment. As you prepare for full-scale market roll-out, suddenly you hear shocking news. Your rivals, getting wind of your impending product release, has just issued a statement that they are launching a similar product. You’re dumbstruck when you find out that their product is just a knock-off of your own. And what’s worse, they have already patented their prototype and thereby owned the license to mass produce it. Not only will you be deprived of the chance to capitalize on your brilliant idea, but also lose the ownership and production rights of the product. Sadly, you will lose out on an opportunity of a lifetime because you did not protect your intellectual property.
The above-mentioned hypothesis is the sad story of many short-sighted entrepreneurs throughout the history of mankind. Nowadays, start-ups must plan for Intellectual Property protection as much as launching the product. The ones that don’t, often end up like Nikola Tesla; receiving the short end of the stick.
How to Protect Intellectual Property
Each startup requires preparing for success. If your startup begins to scale rapidly, a solid Intellectual Property portfolio will be indispensable to your capacity to succeed in the long run. The world’s
biggest pioneers, including Google, Microsoft, and Apple, have spent billions on protecting Intellectual Property alone. They’re investing
top dollar on copyright and trademark lawyers to guarantee that their corporate IP portfolios are diverse, rich in innovation, and permit them to adapt to numerous conceivable prospects.
You can protect your intellectual property in various ways, depending on your product/service idea.
If your business has developed a new and better item or procedure that is unique, helpful, and non-obvious, you will need to ensure the upper hand this gives you by acquiring a patent. The holder of a patent can prevent outsiders from making, utilizing or selling his development for a period depending upon the kind of creation.
Copyright protects unique works of authorship, fixed in a tangible
medium of expression including artistic, musical, and emotional works,
and photos, sound and visual recordings, programming, and other
scholarly works. The creator ought to start utilizing the copyright
image quickly as a strategy for advising others that he plans to
practice control over the generation, circulation, show, as well as
execution of the work.
A trademark secures the name of your item by keeping different business from offering an item under the same name. Having a one of a kind and identifiable name for your item is preference for your business.
Although it’s understandable that marketing a product dominate the mind of an innovator rather than patenting it, it is advisable to do the
latter to protect the business from harm. It’s better to be safe rather than sorry, right?