As everyone is aware, intellectual property is not a physical asset, hence most of the time, it is overlooked. Safeguarding a company’s intellectual property is crucial, both to develop and maintain a successful business.
Intellectual property is not just restricted to technology companies, it is valuable to all businesses, which indulge in investing large amounts in research and development for the creation of indigenous products as well as services.
Innovations are significant for the long-term financial success of the business. They help the organizations be more competitive when compared to their arch rivals. Businesses should understand the significance of building intellectual property and use them effectively in order to devise business strategies and achieve long-term success in the marketplace.
Films, books, papers, television, music, art and other creations, which people hear, see and read are all covered by IP rights. We find that regular products contain innovations which are covered by IP rights – coffee machines, cars, lamps and coffee machines etc. And there are numerous everyday items which many people might be less conscious of, like vitamins, chemicals, medicines, and food. They also contain innovation covered by IP rights.
The following is an overview of different ways, where business owners can protect their intellectual property.
Every startup, whether it is lean or not, it needs to plan for its success. If your startup begins to scale quickly, a strong IP portfolio would be essential to improve one’s ability to play the long game.
We find that the world’s largest innovators which include Apple, Microsoft, and Google, all seem to agree. Recently, these companies have spent billions of amount, on intellectual property in the voice space alone. They are investing top dollars in order to ensure that their corporate IP portfolios are not only rich in innovation but are diverse and permitting them to hedge against numerous possible futures.
The traditional economic argument for patenting states that, since innovation is a highly risky endeavor and the benefits are passed to society, they are often greater than the benefits received by the innovator if filled with rational actors, else society would otherwise underinvest in innovation.
That’s not all, if the innovators do keep their invention secret, then it would be difficult for others to benefit from the information available and make further innovations. Hence the solution provided by the patent policy is to offer the innovator some monopoly profits to be booked for a specific period in exchange for putting the information behind the patent into the public domain.
There are other methods to encourage innovation, they include tax credits, R&D, Subsidies, government procurement or prizes for innovation.
The original idea of introducing of intellectual property rights was to protect the scientists and inventors. The aim is to protect the creative process and thus the whole society must benefit as a whole. However, with the passage of time, by increasing the protection degree, the whole concept resulted in the opposite effect.
In few areas, we find that the reformed advocates have a belief that protection of intellectual property such as patent rights and industrial property, has led to an effect of slowing down progress and innovation.