Intellectual property and reason to protect it

Intellectual property refers to intangible creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names and images used in commerce. Generally, all companies own some form of intellectual property.

Why is it important

Intellectual property rights and registrations allow companies to protect their core business and research and development activities, while creating a stronger negotiating posture for cross-licensing and counterclaims. Intellectual property rights and registrations also allow a company to block competitive products, dissuade potential entrants and clear a technological path for future market share.

Protecting one's organization is just one of the benefits of registering intellectual property, it also allows you to build value. Intellectual property is counted as an asset when determining the value of a company and can even be used as collateral for a loan.

The four general categories of intellectual property a company should consider protecting are:

Trademarks: Trademarks identify the origin or source of goods and/or services. Company and product names, logos and taglines are trademarks of the company that can be protected via registration with the United States Patent and Trademark Office

Patents: Patents grant exclusive rights to exploit inventions for a period of time. Novel processes and/or compositions created by a company may rise to the level of patentable inventions that can be registered or may constitute trade secrets of the company.

Copyrights: Copyrights protect original creative expressions or works of authorship. Text, artwork, designs or combinations of these items created by a company are copyrights which can be registered with the United States Copyright Office.

Trade secrets: Trade secrets are commercial information strictly guarded in secrecy having economic value to a business.


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