Why should we protect intellectual property

You can file separate, simultaneous applications in every country you want to protect your invention. IP as a way to dissuade infringers Many infringers and counterfeiters will seek to quickly establish how serious their potential victims are in protecting their rights.

should intellectual property rights be allowed

According to this report customs had held nearly 36 million units of counterfeit goods at EU borders in IP protection applies to businesses of all sizes; even huge corporations have had their ideas infringed upon and have made multi-million pound lawsuits; just look at the on-going disputes between Apple and Samsung over their smartphones.

Intellectual property can consist of many different areas, from logos and corporate identity through to products, services and processes that differentiate your business offering. And the platforms to deliver intellectual property assets both tangible and intangible have grown by an order of magnitude.

Patents can be sued for. Protecting non-cash assets also ranks high on the list, except when intellectual property IP is at stake. This plan aims to combat IPR infringement for the years to For example, patents contain important technical information: A patent documents and concepts provide information about an invention that has not been published before.

Protecting your ideas. IP as an asset with a high potential value IP rights, whether it is a patent, a design or other form of rights, represent an investment with an expected return.

Importance of intellectual property management

As putting control measures on illegal copying and dissemination of information on social platforms such as Instagram, Facebook, and Twitter is difficult, the valuable information becomes readily available, leading to the devaluation of the information. As per the law, nobody can make a high-five machine, but you need to make all the information about making the products available publicly. Copyright protection saves the work of artists or authors from potential infringements. Only those business assets like ideas, products, or services on which the ownership rights have been established come under intellectual property and thus qualify for the varying types of IP rights. Prevent the loss of your intellectual property — If you are working for a company and have been sharing your ideas or creative work, you must know who retains the ownership of that work, and what are the terms and conditions of the work you do. Once your patent expires, others can use this information to create their products. If you want to apply for a patent, registered design or trade mark this can be done through the UK intellectual property office, either on your own or if you wish to apply for a patent, together with a patent solicitor. Why does intellectual property matter? Almost all businesses have undoubtedly benefited from the internet, where products, services and marketing communications can reach vast audiences at relatively low costs - but this has also increased the chances of intellectual property theft. However, it is possible to decrease the number of IP infringements by increasing the awareness of consumers and following the rules that the authorities adopt. Thus McDonald's chose to keep the recipe as a trade secret. IP protection applies to businesses of all sizes; even huge corporations have had their ideas infringed upon and have made multi-million pound lawsuits; just look at the on-going disputes between Apple and Samsung over their smartphones.

Why does intellectual property matter? If McDonald's had patented the recipe for its burgers, it would have been available for public use after the expiry of its patent.

However, a new classification of SMBs and the rise of electronic filing systems have helped lower costs and expedite the process.

What is intellectual property

Some common examples of Intellectual property infringement include using copyrighted novels, movies, songs, videos, and pictures. According to this report customs had held nearly 36 million units of counterfeit goods at EU borders in These can be used to prevent competitors or anyone else from using your ideas for their own profit without your consent. Companies of all sizes are at risk of having their unique ideas, products or services infringed upon, even if they are on the other side of the world, making intellectual property protection more important than ever. SEE ALSO: 5 legal tips to spruce up your business One tool is a provisional patent — an abridged application that safeguards the filing date but allows one year to file the full non-provisional application. Even the high efforts of the EU custom authorities are not sufficient to dissolve the IP infringements. If McDonald's had patented the recipe for its burgers, it would have been available for public use after the expiry of its patent. Many small and midsized businesses run in the other direction for a number of reasons when it comes to IP issues, which conjure images of expensive lawyers, government bureaucracy, and lengthy, tedious applications. Neglecting the registration of IP right opens up the possibility of competitors taking advantage of your technical innovations, business ideas, goodwill and reputation in the market, etc. Many small companies choose not to seek IP protection due to the significant costs. These are the basics of intellectual property.
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The importance of protecting intellectual property