All about intellectual property
Intellectual property (IP) refers to creations of the mind: inventions, literary and artistic works, and symbols, names, images, and designs used in commerce. The importance of intellectual property was first recognized in the Paris Convention for the Protection of Industrial Property in1883 and the Berne Convention for the Protection of Literary and Artistic Works in 1886. Treaties are administered by the World Intellectual Property Organization (WIPO).
It's mainly divided into two categories:
Industrial property: This includes patents for inventions, trademarks, industrial designs and geographical indications.
Copyright: is a form of protection provided to the authors of "original works of authorship" including literary, dramatic, musical, artistic, and certain other intellectual works, both published and unpublished. It protects the form of expression.
Rights of Intellectual property:
Countries generally have laws to protect intellectual property to give statutory expression to the moral and economic rights of creators in their creations and to the rights of the public in accessing those creations. Also to promote creativity and the dissemination and application of its results, and to encourage fair trade, this would contribute to economic and social development.
Benefits of intellectual property rights:
- Entertainment world won't be able to provide pleasure to millions of people all around without copyright protection.
- Consumers would have no means to confidently buy products or services without reliable, international trademark protection.
- Without the rewards provided by the patent system, researchers and inventors would have little incentive to continue producing better and more efficient products for consumers worldwide.
What is Patent: A patent is an exclusive right granted for an invention, which is a product or a process that provides a new way of doing something, or offers a new technical solution to a problem. A patent owner has the right to decide who may - or may not - use the patented invention for the period in which the invention is protected.
Intellectual property and small business:
- While every IP-based business is vulnerable to piracy and counterfeiting, small businesses can be at a particular disadvantage because they lack the resources and expertise available to larger corporations.
- It's very essential for small business owner to consider patenting the idea or registering your name as a trademark.
- If you are using intellectual property that belongs to others, then you should consider buying it or acquiring the rights to use it by taking a license in order to avoid a dispute and consequent expensive litigation.
- Remember that IP may assist your SME in almost every aspect of your business development and competitive strategy: from product development to product design, from service delivery to marketing, and from raising financial resources to exporting or expanding your business abroad through licensing or franchising.
- In the event of a sale, merger or acquisition, IP assets may significantly raise the value of your enterprise, and at times may be the primary or only true assets of value.
(Sources: wipo.int, stopfakes.gov, uspto.gov)
