Why Intellectual Property Rights are Important in Current Era?
In the modern world, intellectual property rights have a significant influence on international trade and indigenous trade of every nation. With the advent of digitalization, there are high chances of creative ideas being stolen by any third party, without any prior permission.
The importance of intellectual property protection fluctuates in a different part of the world. Almost every country which depends on international trade is taking strong measures to protect their intellectual property rights. Strong IP laws make a huge contribution to both the overall economy of the country and their respective state.
Unlike any tangible assets which can be locked in, fenced in or nailed down, intangible assets, in contrast, are always publicly available and can be easily copied or imitate by anyone. Though, in a few cases, self-protection is possible by intermingling tangible assets with intellectual property.
Intellectual Property rights have added the intrinsic value to all kinds of products, as unique creation and ideas are becoming a more and more important aspect of any business. Nowadays, illegal use of unique ideas generated by other person has become one of the most common crimes these days. However, there are many businesses which still fail to realize the IP value and risks associated with it, even when an IP asset reckons for the high percentage of the company’s value. Thus, not taking any punitive measure for IP protection could be detrimental to the overall growth of the business.
What Is Intellectual Property?
Intellectual Property is a general term used for a set of intangible assets owned by any individual person or company. An IP asset aims to offer the same protective rights as any other physical property, because of its ability to provide companies with the same competitive advantages. It has now become even more important in a web-based environment, as doing replication of any unique design, logo, or feature is comparatively easier than ever before.
Different Types Of Intellectual Properties Right:
Intellectual Property rights are divided into 3 types- copyright, trademark and patent.
It secures a tangible form of expressions like music, painting or a book, it does not shield the idea, but how the idea is expressed. Copyright registration is one of the most widely used IP right granted to the authors for their original creative work including both published and unpublished work.
A patent is used for preventing unique creation from being used, sold, by another party for a set time period. In short, a sovereign authority grants the IP right to the inventor after evaluating its feasibility.
It includes the name and identifying logo or design that a company or individual uses to differentiate itself from his rivals. This unique design or symbol makes it easy for a customer to easily identify with products and services and connect with the brand value of the business.
Key Advantages Of Securing The Intellectual Property Rights Are As Follows:
- TURN THE INNOVATIVE IDEAS INTO PROFIT
Ideas on their own have little value or no value. IP has great untapped potential to turn your ideas into commercially successful goods and services. Registering your patients and copyright can result in a steady stream of royalty and extra revenue, which can improve the overall business bottom line.
- MARKETING OF BUSINESS GOODS AND SERVICES
Intellectual Property is crucial for creating a unique identity for the business. It helps to differentiate the goods and services of one company from the other in the market and to easily promote them to the target customers.
- ACCESS OR RAISE FINANCE FOR THE BUSINESS
A person can monetize the IP assets through sale, licensing or can use them as collateral for debt financing. Furthermore, IP registration is also very useful to apply for government or public funding, loans and subsidies.
- IMPROVE THE EXPORT OPPORTUNITIES FOR THE BUSINESS
Intellectual Property also increases the competitiveness of a business in the export market. An IP right holder can use these brands or designs for marketing the goods and services in foreign countries and can seek franchising agreement with the overseas firm, or export the patented goods.
- TO SECURE THE UNIQUE IDEAS AND CREATION
When any person has a unique idea or creation, there will always be people who will try to replicate that idea or creation for monetary gains. Hence, it is crucial to secure the IP assets before they are illegally infringed by any third party. IP protection can be taken for all kind and size of business. So, after analyzing the business need and circumstances, a person can decide which Intellectual Property Protection (trademark, copyright, or patent registration), can be used for covering different areas of Intellectual Properties
- ACCELERATES THE BUSINESS GROWTH
It is very crucial for small size business to shield their unique products or services, which can be used by the competitors for taking away the market share, resulting in steady growth and sales. Losing a market share in the initial stage in a business can be hazardous to its business health in the long-term.
It is imperative to note that it is the sole responsibility of the proprietor to protect his intellectual property from infringement by any person or party, as no one else will make an effort to inform that your IP rights are violated by someone.
Hence, it can be concluded that IP Protection is indispensable and all countries must have poignant laws for protecting Intellectual Property Rights. So, it is high times for all nations to duly recognize the IP rights of their native individuals and companies.
At last, in order to finally improve the structure of IP laws in international trade and to ensure the long-term social and economic development of society, countries need to strike a perfect balance on how to secure the Intellectual Property Rights of individual or companies. The laws should neither be too strict nor should they be too lenient. For more visit: https://www.kashishipr.com/