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Intellectual Property (IP) is an intangible asset that has a certain value. Intellectual property is basically the ideas and designs of individuals and companies to bring unique products into existence. Intellectual property is assets such as copyrights, patents, trademarks, unique concepts, and ideas. As per law, these intangible assets are granted certain legal protection just as tangible property. In simple words, it refers to ownership of one’s ideas, inventions, and literary works.
Having a unique product for your business can be a priceless asset. This is also a reason why entrepreneurs have to recognize the need for protecting their intellectual property. Here are some of the ways in which Intellectual Property can be protected.
In summation, it can be said that it is mandatory to protect intellectual property. In present times, intellectual property has gained great significance. It helps set apart your business from your competitors. Any delay in registration can lead to copying and stealing of precious idea. Competitors will not miss a chance to outdo what you have done.
The four types of intellectual property are trademarks, copyrights, patents and trade secrets.
The four ways in which you can protect your intellectual property are: i. Documenting your discoveries. ii. Using digital rights managements. iii. Opting for strong non-disclosure agreements. iv. Creating strong access credentials.
We protect intellectual property to protect our idea or concept and to protect genuine business assets integral to core business services.
The strategy to protect intellectual property is to register it with the government and enforce ownership rights.
Intellectual Property strategy is simply a plan on how to develop, grow, leverage and monetize your portfolio of IP assets.
The 4 different ways to protect intellectual property are: i. Register trademarks, copyrights and patents. ii. Register business, product or domain names. iii. Create confidentiality, non-disclosure or licensing contracts for employees and partners. iv. Implement security measures.
The key steps to manage intellectual property are as follows: i. Development of an IP strategy ii. Implementing a strategy for better decision making iii. Creating frameworks and policies iv. Administering and conducting negotiations v. Understanding IP rights and infringements
Read Our Article: How to Ensure the Protection of Intellectual Property
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