Protecting Intellectual Property: Why This Asset is Important to Companies
For business owners, sales, return on investment, and client retention are important. To protect themselves and the products they create in future endeavors, business owners must understand the value of an intellectual property. Intellectual property covers intangible assets that have legal protection against outside use or unauthorized implementation. It includes trademarks, trade secrets, copyrights, and patents. Legal issues related to intellectual property can result in business and commercial litigation.
Why Intellectual Property is Valuable
Intellectual property, although intangible, can be more valuable than physical assets. Usually, it offers a competitive edge over other companies, so it must be protected. Companies that have intellectual property can evaluate its value in many ways. These include using it internally or sharing the asset externally through royalty rights.
Protecting Intellectual Property
When business owners protect the value of their intellectual property, they should use the following measures:
- Copyright. This protects artwork, books, music, or written work. The protection it offers exists when the work is made. But registering copyright creates a public record and ensures stronger enforcement against those who infringe upon it.
- Trademark. This provides protection to brand names and logos as well as colors, symbols, phrases, product designs, tastes, and smells. Also, it is used for identifying services instead of goods.
- Patent. If a patent is in place, the owner gets the exclusive right to prevent other parties from using, making, and selling their patented invention. An invention can only be patented if it is useful, non-obvious, and novel. A patent can be obtained for processes or objects like new methods or technology.
Intellectual Property Value
Intellectual property has a different value. It depends on the amount of protection it has or its rights. Businesses that want to have an IP with value must align their IP rights with their company’s vision. Protecting the wrong type of IP can cause a business to waste money and lose an opportunity to beat the competition.
Regardless of the kind of processes or products an organization specializes in, it can gain significant benefits when it is the only organization that provides a certain process or product. IP provides great value when it comes to cornering the market on what’s being marketed.
Business assets are essential to companies. Intellectual property must be properly protected especially in this digitally focused landscape. Disputes over IP are not avoidable. If you are involved in this type of dispute, having the assistance of a skilled commercial litigation lawyer can help.