BlogEntrepreneurship & BusinessLegal ResourcesIntellectual Property: Introduction to Your Business

July 11, 20211

Intellectual Property (IP) is an asset for the business, just like any other physical property a company owns. Regardless of its intangible form, any creation of the human mind finds protection within different legal systems. The Paris Convention for the Protection of Industrial Property (1883) and the Berne Convention for the Protection of Literary and Artistic Works (1886) are the first international acts which paved the road to the modernization of IP.

Nowadays, IP finds protection under more than 25 international treaties. The Universal Declaration of Human Rights (UDHR) acknowledges as a fundamental human right, the right of the author to protect his moral and material interests resulting from any scientific, literary or artistic production (Article 27, UDHR).

Common Types of IP

IP can take different forms. Some of the most known and important rights – particularly for the economic growth of a business – are listed below.

  • Copyrights
  • Related Rights
  • Patents
  • Trademarks
  • Industrial Design
  • Geographical Indication
  • Trade Secrets

Understanding IP rights and how to make use of them should be in every business plan. Why? Here are some of the reasons:

  • Builds brand identity;
  • Promotes and secures innovation;
  • Boosts visibility;
  • Strengthens market position;
  • Restrain competitors to benefit from bad trading practices;
  • Raises awareness for the conduct in partnership;
  • Protects current and upcoming economic interests.

This is not an exhaustive list, since interests of a business might get affected by various components, including here its stage of evolution,  the awareness of its founders towards IP, and the company’s plan for making profits.

Today’s businesses are operating mainly digitally. Therefore, most of the entrepreneurships using digital platforms to provide their services, should – at least – have good knowledge of trademark protection, copyright and patents rights. An investment in such rights pays the best interest. This is why:

  • Trademarks protect the identity of the brand in the market. A tangible brand helps the customer in its choice, and strengthens the economic situation of the enterprise – especially in e- commerce.
  • Copyright protects any right of the creator on its literary, artistic and scientific work. Software copyright is now used by the developers to prevent unapproved duplication of their software, for the enterprise to be more protected in the e-market.
  • Patents grant protection over the invention, support innovation and provide long-term revenues.

Looking forward

World’s largest economies are taking incentives to promote and protect today’s model of business doing. E-commerce is a promising market for the present, and for the near future. Therefore, new legal amendments are made to facilitate online intercommunion.

A good knowledge on IPR will make businesses to be more aware and make the adequate choices for the protection of their intangible assets.

One comment

  • Thurman

    September 11, 2022 at 5:57 AM

    A motivating discussion is definitely worth
    comment. There’s no doubt that that you need to
    write more on this subject matter, it may not be a taboo matter but generally people do not talk about such subjects.
    To the next! Best wishes!!

    Reply

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