Meaning of Intellectual property

The term ‘Intellectual’ implies that it is specific to the mind or talent. Thus, Intellectual property refers to the creation of the human mind. It is non-physical (intangible) and it derives its value from ideas. It is a legal concept that confers the right to owners and creators of the work, for their intellectual creativity. The intellectual property owner can control and be rewarded for its use.

Intellectual property rights are separate rights given to persons over the creations of their own minds. Typically, the creator is given exclusive rights to use his/her creation for a set period. Essentially, it is a territorial property right deterring others from entering the domain. However, if anyone wants to proclaim its usage then they have to pay a royalty to the registered innovator.

Rationale Behind IP Protection

Countries have laws to protect intellectual property for the following reasons-

★ To provide statutory expression to the moral and financial rights of creators in their creations and the rights of the public regarding those creations.

★ To promote creativity, as well as to disseminate and apply its results.

★ To promote fair trade, which will contribute to economic and social development.

Kinds of IPR

IPR has been classified into two types, they are;

1. COPYRIGHT

2. INDUSTRIAL PROPERTY

Why is the Importance of IPR Considered Underrated in the Commercial World?

Intellectual Property is essential (whether individually or collectively) for businesses or commercial as they are intangible assets that can be economically exploited because like physical property, they can easily be licensed or sold. Every business maintains such assets whether they are familiar with them or not.

When a business is demonstrating its existence in the marketplace, guarding and managing its intellectual property is crucial as it can make the difference between success and failure. That is why businesses need to understand the various forms of intellectual property because some implicate an official or formal application and its examination process before a right can be documented or registered while others come into play without the need for a registration process. Below is a wordbook explanation of the various rights which businesses may find beneficial.

Confidential information

Confidentiality obligations can arise under contract or general law. Under general law duties may arise from a particular relationship (employer-employee) or where information has been received by a person who was aware or should have been aware, that the information was confidential. A business's most valuable asset can be its confidential information. This information can relate to any subject matter and can be stored in any format. A new product design, a marketing strategy, and software code are all examples of new designs.

Subject to Public Policy

IPRs are vulnerable to public policy. The purpose of intellectual property is to find a balance between competing interests. On the other hand, the IPR holder acquires adequate remuneration and on the other hand, consumers try to consume work without much inconvenience, thus, on one hand, IPR grants proprietary rights to the holder of the right, and such right is subject to public policy to protect the consumer and also to prevent monopoly in the market.

Indigenous Products

Intellectual property not only protects the technology companies in the corporate world, but it is also valuable for every business which invests a huge sum of money in creating indigenous products and services. Therefore, a company should be very particular about implementing IP solutions to identify unique or creative innovations and thereby increase revenue.

Maximization Profit

A well-established IP goal can result in attaining the business aim and its goal. And with the higher growth in business, the IP strategy can protect the unique aspect of the assets while boosting the innovation to explore new and unique ideas

Divisibility

Another notable trait of IPRs is that they are capable of being sliced in many different ways. This is due to the fact that intellectual property is territorial. For instance, an inventor who registered his invention in German can use the patent himself in German License it in Ethiopia and assign it in France. Copyright is also made up of different rights. Those rights may be categorized into distinct persons: translators, adaptors, publishers, etc.

The exclusive right of the owner

It implies that others, who are not owners are prohibited from using the right. The creator or author of IPR enjoys rights inherent in his work to the exclusion of anyone else

Assignable

Since they are rights, they can be assigned (licensed). Intellectual property can be bought, sold, licensed, hired, or attached like any other property right.

CONCLUSION

The role of business in applying intellectual property rights contains benefits and limitations too. A number of benefits can be obtained from the IPR application, such as no fees associated, competitiveness, increased business value, better marketing for products, high opportunities for export and easily arranged finances. Moreover, it is detrimental to the business, such as increasing costs, reducing quality, and pirating.

In summing up the above points IP rights work as an incentive for new innovations taking place in a diverse world. Therefore, it is a need to create a solid proof IP system. It encourages a free trail of information and technology by boosting people and rewarding them for their unique ideas eventually leading to productive growth which also improves existing technology

Author: ISHA, a student of Bharti Vidyapeeth University, Pune, in case of any query, contact us at Global Patent Filing, or write back us via email at support@globalpatentfiling.com.