How is intellectual property ‘real’ property?
What is intellectual property?
Intellectual Property has redefined the conventionally perceived concept of ‘Property’, which generally evokes tangible things such as land, a house, a car, jewelry, etc. As the interpretation of ‘Property’ and ‘Property’ evolved over time, Intellectual Property came to be included in the meaning and definition of property, although it cannot be seen, felt, touched, but it is real enough to be audited, collected, pledged, guaranteed, transferred, bequeathed and sold.
how is it created
Intellectual property rights or ‘IPR’ refers to the creations of the human mind derived from human industry. It is also sometimes referred to as ‘Industrial Property’ and includes:
- Inventions – protected by Patents and Utility Models
- Trademarks: including trademarks, trade names, logos, service marks, protected as trademarks
- Industrial Designs – a resulting combination of applied art and applied science, protected as Designs
- Geographical indications, or ‘GIs’, are those products and/or goods that have a specific geographical origin and unique and special qualities due to said origins and that also include human factors.
- Integrated Circuits – Circuits involving the design, layout, and design of which are also part of IP
- Copyright: artistic creations and expressions in the form of prose, poetry, music, cinema, theater, fashion, etc.
IPRs are created every day in the form of Research and Development (R&D), music, art, theater, novels, improvised inventions and brands that enrich their businesses, geographical indications appreciated for their unique taste and quality. These components are therefore intellectual assets that must be nurtured, marketed and protected from imitations and misuse.
Protection of intellectual property rights:
The following methods help in protection:
Diligent national and international filings, timely processing, registration, renewals and maintenance, trademark surveillance, etc. are some of the ways you can protect all the hard work, research, and monetary investment that went into creating IPRs.
Bringing in an IP attorney would be worth considering as strategic and timely advice on protection, commercialization and evaluation would generate huge long-term benefits and protect companies from legal and ethical issues globally.
As with real and tangible property litigation, intellectual property rights litigation also involves civil and criminal actions with severe penalties and penalties, therefore awareness and raising awareness is the need of the hour.
IPR portfolio management:
In today’s world, where the lines between real and virtual assets are blurring by the hour due to the Internet, intellectual property, unlike real property, must be protected on a global level where multiple jurisdictions come into play. Having a fair idea about the do’s and don’ts of various components becomes crucial.
Therefore, IPR portfolio management should be top priority in the scheme of things, whether for a new or established company, as it involves licensing, franchising, technology transfers, mergers and acquisitions, acquisitions and goodwill. Will.
Therefore, building IPR-focused business plans will spell surefire success around the world for all stakeholders, be it business ventures, sole proprietors, or inventors.