How to Protect Your Intellectual Property

We are all aware of the fact that this world runs on information. The information takes not less than a second to be stolen and copied by an external entity. Mr. Mark Getty, Founder of Getty Images, has claimed that "Intellectual Property is the new oil of the 21st century". Right from logos, brand names, symbols, artworks, innovations, etc., it can cover almost everything. According to the U.S. Chamber of Commerce’s Global Innovation Policy Centre, intellectual property is expected to create and encourage high-paying jobs. The study also claims that jobs in the IP-extensive industries are expected to grow at a massive rate over the next decade. Continue Reading to learn more about Intellectual Property Rights and Effective Ways to Protect Your Intellectual Rights: 

What is Intellectual Property?

Intellectual property refers to the property owned by an individual or an organization. It’s not a physical entity like land or personal goods. IP is firmly protected by specified laws to preserve the inventions or creations of people. For example, patents, copyrights, and trademarks are some examples of intellectual property that help individuals earn financial gains from their creations.  

Purpose of Intellectual Property Rights

The purpose of intellectual property rights is to enable individuals to create more inventions in technology and new creations. The IP system focuses on striking the right balance between innovators and public communities by providing them with an environment that fosters creativity and innovation at the same time.  It offers people economic incentives to benefit from the information and intellectual goods that they create for a limited timeframe. It also provides people with the freedom to protect their rights against irrelevant copying of their ideas. 

Effective Ways to Protect Your Intellectual Property

Document all your IP Assets 

It’s highly recommended to document all your creations as soon as you release them. Once an innovation is released into the market, it’s always expected that companies belonging to the respective industry can take advantage of it by creating a similar one. Being in an era where information gets leaked within seconds, it’s always good to protect your innovation from plagiarism. 

Awareness of Intellectual Property Rights 

It is important to invest your time in creating awareness about intellectual property rights among you and your team. Thorough research on several instances related to copyrights, trademarks, patents, etc. is highly suggested to avoid a last-minute mess. Once you are familiar with the know-how associated with IP, it will be easy to create intellectual inventions built under the listed laws of Intellectual Property.   

Idea Should be Kept a Secret Until the Filing of a Patent 

It’s important to keep your idea secret before you protect it. Once you file a patent application; your idea will be secured under Intellectual Property Rights. It's also crucial to ensure that your idea is unique, and thorough research is suggested that demonstrates the uniqueness of your idea. Conduct trademark and patent research to find out whether your idea is already listed under someone’s name or not. 

Consult an Intellectual Property Rights Expert 

Another important way to protect your intellectual property rights is to get in touch with a person who holds expertise in IP rights. Get their assistance on drafting strong non-disclosure agreements or any other agreements that cover your intellectual property. This will help you conduct discussions with certified attorneys who provide viable solutions for their clients. Seeking advice from potential IP experts in your location will prevent you from falling into traps related to the security of your valuable asset. 

File for Trademarks, Copyrights, and Patents 

Companies can protect their intellectual properties through property rights and registrations. Registering your innovations under IP laws will grant you exclusive rights to your innovations. Intellectual Property has several types and each one has the capability to sue the third party if they infringe. Some of them are as follows: 

Copyrights 

It is the exclusive right given to the originator for a limited amount of time to copy, distribute, and perform artistic work. However, the duration of the copyright expires 50 to 100 years after the death of the creator, but can also take longer depending on the nature of the property.   

Trademarks 

A trademark is a type of intellectual property consisting of a phrase, symbol, design, or a mix of all of these that is exclusively identified as a product belonging to a company. There is no expiration date for trademarks, but the owner should make consistent use of trademarks to protect them. 

Patent 

It is another type of intellectual property that provides all the legal rights to the innovator to stop others from using their technical invention for a limited period of time. All of the rights that come with patents are only valid in the country or area where the patent was filed. It is advisable to spend enough time to get a fair understanding of the difference between copyrights, trademarks, and patents. 

Conclusion

Intellectual property is a valuable asset for a company. One needs to create a comprehensive strategy that consists of all the intellectual property, including innovations, technologies, trademarks, domain names, etc. As more IP-extended industries emerge, your chances of staying ahead of your competitors in terms of developing new innovations are likely to increase. Also, the process of protecting your intellectual property rights might sound costly, but it will surely save you from all the risks involved in not staking your claim.