Intellectual property (IP) is an important asset for companies, essentially capturing the enterprise’s innovation value. But, what does the term Intellectual Property mean?
According to World Intellectual Property Organization (WIPO)
“Intellectual property (IP) refers to creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names, and images used in commerce.”
IP is protected in law by, for example, patents, copyright, and trademarks, which enable people to earn recognition or financial benefit from what they invent or create. By striking the right balance between the interests of innovators and the wider public interest, the IP system aims to foster an environment in which creativity and innovation can flourish.”
In general terms, IP is any product of the human intellect that the law protects from unauthorized use by others. The ownership of intellectual property inherently creates a limited monopoly on protected property.
Usually, Intellectual property is subdivided into four categories: patent, copyright, trademark, and trade secrets.
Copyright: it protects original creative expressions or works of authorship, like books, art, and other creative works. A copyright gives the rights holder the exclusive right to reproduce, adapt, distribute, perform, and display the works.
Trademark: it identifies the origin or source of goods and/or services. A trademark is a word, phrase, logo, or other sensory symbol used to distinguish a particular manufacturer or seller’s products or services from others.
Patent: Patents protect inventions. They give the patent holder the right to exclude others from making, using, marketing, selling, offering for sale, or importing an invention for a specified period. While a patent grants you the exclusive right to use the invention within a country during that period, you must disclose how the invention works to obtain that protection publicly.
Trade Secret: A trade secret is a commercial information strictly guarded in secrecy having economic value to a business, such as formulas, processes, devices, etc.
A good IP strategy needs to be closely connected to the business objectives, so it can allow companies to protect their core business and research and development activities while creating a stronger negotiating posture for cross-licensing and counterclaims.
Although protecting the company is just one of the benefits of registering intellectual property — it also allows for building value. Intellectual property is counted as an asset when determining the value of a company. Besides, having an IP can increase the visibility, attractiveness, and value of your products on the market; distinguish your business and its products from the competition, and much more.
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