The place of intellectual property rights in business is next to none. A lot of businesses run on ideas and properties that are creations of the mind, and intellectual innovations made are best protected by the law. The aspect of the law that is concerned with the protection of properties of the mind, ideas, and innovation is called intellectual property law.
In business, you have to know how to protect your intellectual innovations, because they may be the difference between the failure and success of a business. In the sphere of business, innovations are more valuable than improvements, innovations are entirely new creations while improvements, as the name implies are simply advancements of existing technology. Innovations are easier to protect as intellectual property because they are novel.
In this article, we are going to check how to protect intellectual innovations in business.
Protecting Intellectual Innovations in Business
Intellectual property rights are protected in different ways, the mode of protection greatly depends on the type of innovation. A business would reap tremendous benefits from intellectual innovations, because of the range of rights that would accrue to a business from an intellectual innovation.
When you talk about innovation you talk about commercial applications of new ideas, information, and technology. The ways of protecting intellectual innovations include:
· Trade secrets
· Industrial design
These are forms of protecting intellectual property rights by registration. When it comes to innovation, the most popular way of protecting it is by patent.
· Trade secrets: This is a form of protection used from the forming of the innovative idea until that idea can be tangibly made, the information regarding that innovative idea is usually kept as a trade secret. If this is not done, a competitor could get a hold of the necessary information and steal the ideal. If this were to happen it would be a great loss to the business of the originator of such an innovative idea. Therefore, protecting all vital information about intellectual innovation before it is made is done by the mechanism of the trade secret.
· Copyright: This is how you protect written works and plans that are written down about your intellectual innovation. This is a very effective tool for maintaining literary works too. A business would benefit tremendously from the protection of their intellectual property rights to plans and literary works written about their innovations. This can be done before the idea materializes and even after it has materialized. After getting the copyright to your idea, you can use it as an asset to get external funds and support that could help you innovation get to market faster and become profitable. Having the intellectual property rights to your innovation strengthens your business a great deal.
· Patent: When you get the way of materializing your innovation, the best way to protect it is to get a patent for that innovation. When you get this you would have acquired absolute protection and exclusive rights to your innovation; however, you can give other people licenses to use your innovation for a fee.
· Industrial design and trademark: You use this to protect the designs of your innovation so some other business does not make such a design that would deceive the public and the specific trademark of your business, and innovation can also be protected.