Intellectual Property is an asset that provides individuality to the companies. Businesses that understands the value of this intangible asset are able to gain a competitive edge in the marketplace while those that don’t are unable to reap the entire benefits of the inventions. Because Intellectual property is possibly the most important among all the assets a business possess, it needs to be protected to compensate the artists and to support culture vitality.
It might be surprising to know how many business rights can be protected—its logo, name, inventions, designs, intellectual efforts, works of creatives, etc. However, the point is to protect intellectual property so that the team efforts should be well paid off. To avoid this from happening, here are four techniques that can be used:
By Filing The Copyright
Copyright laws is a protection provided to the authors of ‘original works of workshop’ which may involve literary, musical, artistical, dramatic, architectural, and various other intellectual works. Though copyrights are filed when a work is first created and given a tangible form, it still needs to be registered with the U.S. Copyright Office so as to recognize in the court.
Registering a work for copyright means that it is noted for public record which gives notice that the original author has claimed the legal protection of his/her intellectual information. Besides, Copyright provides an author with the ability to sue whoever infringes upon his/her work. If this suggests anything, in particular, is that filing the copyright is a way to secure an intellectual information.
By Filing A Patent
Just because the person who invented ‘Smiley’ faces didn’t file a Patent for his work, he is earning about $50 a day. A patent grants property rights to its inventor. In business world, it is required to protect the competitive advantage of every new invention. Here are certain benefits one can expect by filing a Patent:
- A Patent gives the complete ownership right to who files it. Along with, the owner gets to use the product for 20 years from the date Patent is filed.
- Gives an advantage in the marketplace over competition.
- Increase the ROI with the developed product as no one else has it.
- Opportunity to sell or merchandise for profit.
Time To Give A Thought To Source Code License
Licensees gets a non-transferable and all-inclusive license to a software by using a source code license, which authorises them to use and amend the licensed software. So, the company who is permitting its source code outside is actually putting itself in jeopardy because then the trade secrets remain no longer within the premises.
However, there is a way to ensure the rights of a software of a company—use. It helps in protecting all parties of a software license by having a third party hold the important information of the software, thus keeping the source code safe.
Get Developers To Sign An IP Assignment Agreement
Time to take care of the software within the boundaries! Developers indulged in developing the intellectual property should be asked to sign an IP assignment agreement, agreeing that all work developed within the premises belong to the company.
By signing this agreement, a company can ensure its intellectual information is not used by its employees for profit or is not given to the competitors. If anyone from company found guilty, he/she is liable for consequences as defined in the agreement.
Intellectual Property is a valuable asset of a company that requires proper protection. Use these four tips to protect it and to set a business apart from its competitors. Those all involved in creating intellectual property that can/may generate loads of money should invest in the above protective measures for their own benefit.