In the present highly competitive environment, business owners that have or are making the most out of Intellectual Property (IP) must understand why the same has the utmost importance. For using the IP assets appropriately, preventing violations from occurring, and avoiding litigation, every business owner needs to know as much about IP as possible.
The term IP comes in different types. There are patents, which are acquired by filing Patent Applications for novel, useful, and non-obvious inventions. Violations often take place when a person reproduces a new work from an already existing invention without getting the Patent Rights granted by the patent holder or having an appropriate license in place. Industrial Designs protect the design or overall appearance of a product or object. Copyright protects the original creative and artistic works; the owner retains the exclusive rights to reproduce the work. He or she can grant others the ability to copy, use, or distribute the work.
Trade Secrets, in general, refer to the procedures, methods, processes, and recipes used for an item created to offer a competitive edge to the owner or creator. As long as there are adequate ways enforced to keep the item’s recipe or process a secret and the same is not in use by any other company and falls within the description, the trade secret obtains protection under the law. Quite often, business owners register their proposed mark as a Trademark to sell their products or services or to make sure that their company names have all the legal protection in hand. A trademark may be a symbol, logo, phrase, or any other similar work. Most of the business companies and organizations across the globe use the trademark as a symbol on the product packages for promoting brand awareness and increasing revenue.
The Relationship between Business Owners and IP
For having a better understanding of the relationship between business owners and IP, let us consider the example of a trademark. When a business owner acquires a trademark, he or she shares a direct relationship with IP. The person owns the brand of the company as well. Now, at this particular point, whatever behavior and actions are taken on behalf of the entire business, the customer shall remember and associate the same with the company’s Registered Trademark. This memory may last for a long term or a short term, depending on the lifetime of the brand and the products and services offered under it.
Most of the customers and clients believe that a trademark or brand is a direct reflection of the owner. To be specific, they think that the owner’s beliefs, morals, and ideas are behind the registered trademark. Through the trademark owner’s actions and words, a brand or business holds immense potential for either leading towards the ultimate path of success or becoming a symbol of negative comments and thoughts. It also heavily depends on what the business company stands for and the activities and projects associated with it. Remember, the customers only keep track of what all the company performs and accomplishes for the community.
Understanding the Business Connection to IP
When a business owner comes up with new inventions and acquires patents or contracts a group within his or her company to do the same, it becomes a working relationship that generates revenue for pretty long. However, the protection of the patented inventions becomes tenuous if the owner is unable to safeguard the inventions from being misused or duplicated by others. Irrespective of the type of IP that is part of a company, it is highly advisable to get in touch with an IP law firm to pursue action against the violators. Without any doubt, the business connection to IP can efficiently increase constructive competition and have a positive effect on the local and global markets. However, the same is possible only with the help of well-planned IP strategies and processes.
What the business owners can proactively do is sign non-disclosure agreements to maintain the confidentiality and secrecy of different IP assets. If the critical details associated with an IP asset are sold or stolen, a company can suffer from a negative impact. Every company should put in sincere efforts to discover the culprits and take action against them. It shall help significantly to deter similar problems in the future and show the public that the company in question takes such matters seriously.