What is Intellectual Property?

Intellectual property (IP) is the cornerstone of innovation, describing intangible assets (non-physical assets), creations of the human intellect owned and legally protected by an individual, a group, or a company. It’s the answer to any creator or inventor’s concern: ensuring that non-tangible assets can be treated with the same rights that apply to tangible assets. Today, most developed nations have structures and legal facilities catering to tangible and intangible assets, empowering startups and creative individuals to protect their unique ideas and stay ahead of the competition. 

The word intellect speaks about the faculty of reasoning, which is why intellectual property refers to inventions solely as a product of a person’s thinking ability. Intellectual property can take many forms; the most common are patents, copyrights, trademarks, and trade secrets

Although intangible, intellectual property may be far more valuable than a corporation’s concrete assets because it may give a competitive advantage. It is jealously guarded and maintained by the businesses that own it. Companies are vigilant in recognising and preserving intellectual property since it is valuable in today’s knowledge-driven economy. Furthermore, creating valuable intellectual property necessitates substantial investment in creativity and specialised work time.

IP Protection Essentials basics

The first thing you need to know as a creative individual looking to protect your intellectual property legally is that you do not just protect an idea because you think it is spectacular. A concept is not patentable, but the precise instructions for solving a technical difficulty are. 

To protect an intellectual property, it must fall into any category below:

  • It must be patented as a technological solution to tackle an issue adequately. 
  • A product’s logo or service’s name can be registered as a trademark and protected as intellectual property. I.e. “Coke” is a trademark owned by Coca-Cola.
  • A literary work, personal composition or a computer program can be protected as a copyright
  • A secret that forms the distinguishing element in any product or service can be protected as a Trade Secret

Note- In a country like Switzerland, a discovery cannot be patented because it is only considered to uncover an existing fact or resource, meaning its benefit is only for expanding our knowledge base. 

Benefits of Intellectual Property Protection

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Intellectual property protection is not just a legal requirement; it’s a strategic advantage for startups and creative individuals. It provides a secure foundation for your development, business or invention, offering a range of benefits that can boost your confidence and success.

  • IPP offers an advantage against the competition

Intellectual property (IP) provides legal protection for inventors, preventing others from using, duplicating, or selling their inventions without their consent, providing a competitive advantage.

  • IPP can lead to another income stream

Businesses may earn money in addition to their main goods or services by selling, franchising, or licensing intellectual property (IP) assets, including patents, trademarks, and copyrights.

  • Provides financial advantages

A robust intellectual property portfolio is often seen as a valuable asset that may raise a company’s total worth. Thus, obtaining funding becomes simpler.

  • Tax deduction benefit

Certain legal regimes provide tax breaks or incentives to companies that own and invest in intellectual property. Effective IP administration may reduce total tax obligations and tax benefits.

  • Reduces the chances of risk

Intellectual property protection may help avert legal problems and conflicts, such as litigation alleging patent infringement. It also acts as a preventative step to lessen the possibility that rivals may steal or profit from your inventions.

Consult with an Intellectual property Attorney.

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An intellectual property attorney is a crucial ally for startups and creative individuals. They are also legal experts who specialise in intellectual property laws. They ensure that inventors maintain ownership rights over their invention process, design, or creative record, providing the necessary support and guidance in navigating the complex world of intellectual property. 

An IP Attorney will serve many responsibilities for their clients, some of which are: 

  • Providing expert counsel for their clients.
  • Standing in for clients in the Courtroom.
  • Drafting contracts and agreements during licensing.
  • Vetting IP Protection documents before any agreements are made.
  • Transferring the rights to intellectual property
  • Overseeing the process of franchising