In 1597, Francis Bacon stated that knowledge itself is power. In today’s global economy, that phrase has never been more true.
Innovation and creativity are crucial to a business’s success. Therefore, it only makes sense that companies protect all intellectual property.
The value of intellectual property
Intellectual property (IP) are intangible assets that reflect the creations of the human mind. The legal protection of IP can be broken down into the following:
- Patents protect inventions and give the inventor exclusive rights to use, sell and manufacture the invention for a specified period.
- Trademarks safeguard symbols, names and slogans used to identify goods and services and prevent confusion in the marketplace.
- Copyrights protect original works, including literature, music, art and software.
- Trade secrets encompass formulas, practices, designs or processes that give a business an advantage over competitors.
Not only does IP protect creations, but it also adds value to a business in multiple ways:
- It drives innovation and growth by ensuring inventors and creators can reap the rewards of their ingenuity and fuel further research and development.
- Businesses can increase their market share by offering unique products.
- Investors view IP assets as potential growth and sustainability indicators and are more likely to fund a company with a well-protected IP portfolio.
- IP can generate multiple revenue streams through licensing agreements, franchising and sales.
Unfortunately, IP is constantly being threatened by various factors, including:
- Infringement
- Counterfeiting
- Globalization and varying laws and enforcement
- Rapid technological advancement
However, there are multiple strategies for protecting IP, such as:
- Conducting IP audits
- Obtaining and updating patents, trademarks, copyrights and other licensing
- Implementing security measures, such as secure servers and non-disclosure agreements
- Educating employees about the importance of IP and procedures for protecting company information.
Creativity and innovation are vital to a business’s success in today’s global economy. If your business owns IP that gives you a competitive edge, you must work with someone who can help protect your greatest asset.