What is an Intellectual Property (IP)?
The concept of ownership is something that we all understand. Take real estate. The property is a house, a shopping mall, a commercial building, or farmland. You can touch it, walk on it and live in it. Pretty simple concept. Property is something real, ergo, real estate.
An intellectual property is different. It usually starts as an idea, takes shape, and becomes a book, movie, game, TV show, or whatever else people read, watch, play, or recognize. The World Intellectual Property Organization (WIPO) defines intellectual property as follows:
“Intellectual property is related to elements of information or knowledge, which can be incorporated into[to] tangible objects at the same time in an unlimited number of copies in different places anywhere in the world. The property is not in those copies but in the information or knowledge reflected in them. Intellectual property rights are also characterized by certain limitations, such as limited duration in the case of copyrights and patents.”
Intellectual property differs from real estate in several key ways. An IP is the product of the imagination, something very difficult to measure or define. An IP is easier to steal, hack or just scam. In fact, certain countries around the world don’t have IP deals across international borders, so you can pick up a pirated copy of the latest blockbuster on the streets of Beijing today, BEFORE it opens in US theaters. USA
Like a house or other property, intellectual property can be bought and sold. It happens every day. An intellectual property can be sold in its entirety, or sold in parts, which generally results in increased income for the owner of an intellectual property.
For example, rights to a copyrighted book can be sold in many different formats: North American distribution rights, large print rights, single publication rights, single source rights, audiobook rights, motion picture rights. : A copyright owner may sell multiple types of rights as long as the sale does not conflict with existing rights agreements.
“I have a good idea.”
So is everyone else in the world, including my Aunt Tilly. But an idea is NOT an IP. You may not copyright or register an idea. In fact, if some other innovator comes up with the exact same idea as your brainstorm, there’s nothing you can do about it.
An idea is NOT intellectual property. An idea becomes intellectual property when work is applied to it: write it, design it, describe it, code it, or put some work into that idea. And the more you work on your idea, the more intellectual property you have – intellectual property that needs protection from theft or infringement.
That protection may take the form of a registered copyright, a patent, a license, a contract, or some other defining documentation that describes the parameters of the intellectual property.
That’s why it’s critical to protect your idea as you shape it more and more. You can register the copyright of a book or a movie. And as the copyright holder, you own that intellectual property, whether it’s a book, a video game, a movie, a webinar, a seminar, or any other form of media. Without legal protection, your intellectual property may be unprotected.
Do you know the famous smiley face, the one that is burned into all our brains? Well, the artist who created that ubiquitous icon never copyrighted the image, and over time, that smiley face fell into the public domain, meaning anyone can use it. Even an intellectual property attorney.
There’s a jungle out there
If you’re new to the concept of IP, but are in the process of creating one—that is, you’re writing a book, coding a computer game, building a website, or streaming a webinar—you need protection early in development. process.
The World Wide Web and all its accompanying “new media” have created an insatiable demand for intellectual property. Today, an IP, a good one, is almost like a currency. It can be traded, bought and sold, used to build credibility and trust, and generate income. And if it’s really good, that intellectual property can generate a lot of revenue.
However, if you don’t know the consequences of selling your copyright to a publisher, if you don’t understand the difference between a trademark and a signature mark, if you’re not familiar with unique serial rights, you can quickly discover that your IP is no longer your IP.
Intellectual property law is a complex specialty, a practice of few lawyers. It involves a variety of means. It involves means of distribution, it crosses international borders in this global economy, it involves merchants, publishers, distributors and even street vendors. And if you’re involved in the creative process, you may not even be aware of the value of your intellectual property.
Also, you may not fully understand the risks associated with intellectual property, especially across international borders.
Seek legal advice early
Remember, an idea is just an idea. However, once you have developed that idea and put work into it, giving substance to the idea, it must be protected with a copyright, patent, or other legal document. You own something. But without legal protection, you can very quickly lose that figment of your imagination forever. However, I soon ended up for years battling a deep-pocketed IP publisher who’s in no hurry to settle down.
As soon as you begin to shape your idea into an IP, seek legal advice from an experienced law firm, a law firm that has extensive experience in IP management, IP development, and what is most importantly, the protection of intellectual property.
The earlier you get legal advice during the development phase, the safer you and your intellectual property will be. Don’t risk it. This is your concept, your vision, your dream.
Consult with an intellectual property attorney and protect what is rightfully yours.
Protect your future. That IP may be the next big thing, and it would be terrible to lose it.
Ask Harvey Ball. He created Smiley Face as an independent artist. He gave away that million dollar intellectual property.