The definition of intellectual property is the “legal rights to use intellectual assets.” Yet, they do not come easily, so are they worth the trouble?
The defining rights that put an artist or business aside from the common names are their legal right to use intellectual properties. With the growth of global network and transparency provided by the internet, the days when Thomas Edisons took advantage of Nikola Teslas are gone. People and governments can easily track the rightful owners of IPRs if there are any mishaps.
However, we are not here to discuss the cultural appreciation and relevance of trademarking IPRs. Rather, we are here to talk about the role of IPR and its importance of businesses today. When so many businesses come up with same or similar ideas, how can one stand out and protect their hard work?
Which is what leads many towards the attorney and others, like you, to the internet to find the right answers. So, let us understand the importance of IPR for businesses and define it the best we can.
Defining IPR & Intellectual Assets
IPR is simply the shortened version of intellectual property. For instance, you came up with a book idea, painting, story, character or name, then you are the rightful owner of it if it is not common. Now, a made-up name will have more chances of being an intellectual property than an actual name of a person, place or existing entity. In the case of businesses, the intellectual assets that set them apart are their methods of operation, the stand-out elements of their products or services. The more they stand out, the better their chances of trademarking them would be.
Rightful Usage of Names\Intellectual Assets
Right then, the definition of the artistic and business value of IPR is out of the way. So, what is the first benefit\importance of IPR for businesses? The rightful usage. For instance, if you came up with an idea and you kept on using it without trademarking it, then tomorrow, someone will come up with something similar or same and disputing over it would be a hassle. So, the best idea is to ensure trademarking it right after an intellectual asset takes off. Not only does it give you the rightful usage of it in the legal business, but also prevents misuse or usage without your permission.
Differences Between IPRs
The reasons to protect them is that some intellectual properties are easily copied and mimicked. A patent would give you the rights from the government to prevent any manufacturing or selling of your said intellectual property. Whereas an industrial design trademark would stop manufacturing of a design or pattern. A trademark gives you the right to use names, catchphrases and even sounds. Whereas copyright helps you produce intellectual work like books, art, poetry etc.
Helps Increase Business
Now, let us talk about the benefits of trademarking your intellectual assets. One of the top ones is that it helps increase business. Being the rightful owner of a property gives only you the right of its manufacturing and usage in the market. So, consumers are bound to be driven towards you. Which in turn would increase business and help you develop further. So, when you file trademark online or through a local court of law, it is important to understand that you do it the proper way. Because not only does it increase your business, it also gives you an edge over your competition. Which is one of the most important benefits of trademarking IPR.
Overseas Growth
One of the most common reasons why businesses tend to trademark their IPR and intellectual assets is because of their wish to grow their businesses overseas. Now, if similar or same names or properties of a product collide in the international market, the dispute can take years to settle. Which is why many businesses strengthen their roots in their original market, aka the state of their origin. Which gives them the right for international usage in some cases. However, unique intellectual property is seldom opposed. So, it encourages overseas growth and gives the businesses lead over their competition.
But why IPR is important for all businesses?
The Industrial Property is an essential and constant element in the reality around us. Everything that we use in our daily lives is the result of large or small innovations of all kinds, such as improvements and new functionalities that make certain products have the appearance they have today or work the way they do.
Furthermore, in order to ensure the technological, industrial and commercial development of a country, adequate and effective protection of inventions is essential. In this sense, Industrial Property is aimed at protecting inventions and creations and guarantees the inventor or innovative company the monopolistic exploitation of their invention. In short, the innovation process is a business process linked to the market that improves competitiveness and needs protection.
Industrial property strengthens the business system, provides economic benefits to those who make use of their rights, and allows the planning and execution of industrial growth policies. According to a report prepared by the EU Intellectual Property Office (EUIPO) and the European Patent Office (EPO), intellectual property (a term that would encompass industrial property and copyright) creates 40% of employment in the Union European.
Within this area, brands contribute 30% of total employment; designs and models with 18%; patents with 17% and copyrights with 7%. Also during the recent economic crisis it was shown that companies that invest in research and development withstood it much better.
Wrapping up
The protection of Intellectual Property rights tends to be considered by society in general a burden, something of a secondary nature and not something that truly generates value, when in fact it is one of the fundamental tools of innovation and growth for the business.
Furthermore, it is recognized as the most important asset that many of the largest and most powerful companies possess, something that should be considered the key to their dominance and profitability. In many cases, it is the overriding target in mergers and acquisitions.
Economies are increasingly demanding new products and services, and only those companies capable of promoting a culture of innovation, creativity and a protected image will be able to be strengthened in this process.