I think there are many stories about intellectual property and business/entrepreneurship. Take the instance of the birth of modern communications. We remember Alexander Graham Bell who is credited y with the invention of the telephone. Or take the discovery of gravity – how Isaac Newton formulated gravitational theory in 1665 or 1666 after watching an apple fall! So, can we say that the phone is intellectual property of Graham Bell or that the apple is the sole intellectual property of Newton? Very debatable, actually!
World Intellectual Property Day has come up today and is celebrated annually on 26 April. Events organized to mark the Day tries to inform people about the role of intellectual property rights in encouraging innovation and creativity.
World Intellectual Property Day 2023 focuses on the theme – ‘Women and IP: Accelerating Innovation and Creativity,’ celebrating the “can do” attitude of women inventors, creators & entrepreneurs around the world and recognizing their ground- breaking work.
Technically, Intellectual property (IP) refers to any original creation of the human intellect which is artistic, literary, technical or scientific creation. Intellectual property rights (IPR) refers to the legal rights given to the inventor or creator to protect his invention or creation for a certain period of time. These legal rights confer an exclusive right to the inventor/creator or his assignee to fully utilize his invention/creation for a given period of time. It is seen that IP plays a vital role in the modern economy.
IPR is indeed a strong tool – to protect investments, time, money, effort invested by the inventor/creator of an IP, since it grants the inventor/creator an exclusive right for a certain period of time for use of his invention/creation. Thus IPR, strikes a chord and, in this way aids the economic development of a country by promoting healthy competition and encouraging industrial development and economic growth.
Intellectual Property (IP) & entrepreneurship: symbiotic relationship?
Generally, it is important for anyone to protect his or her ideas. And, for entrepreneurs, it is essential to safeguard this investment.
Intellectual Property (IP) systems can be critical in helping new ventures transform their innovation potential and creativity into market value and competitiveness.
Intellectual property rights (IPR) can be used to protect various aspects – the technology, brand name, design and creativity behind the concept. It gives the creator sole ownership of the concept, in a similar way to owning physical property like a house or car. Owners can control the use of their intellectual property to gain financial reward.
In conclusion, protecting your intellectual property is critical to your business’s success. By understanding the different types of IP, identifying your assets, registering your IP, and enforcing your rights – you can safeguard your valuable assets and maintain a competitive advantage in your industry. And, conducting an IP audit and consulting with a qualified IP attorney can help you determine the best strategies for protecting your valuable creative assets and avoiding costly legal battles.