Safeguarding your intellectual property
Before we talk about the rights of intellectual property, we just will have a glance into the basics of the intellectual property. Well, IP or the intellectual property is mainly a subject of business law and is covered under its ambit. When we talk about the intellectual property, this is just like all other properties that you may own like a car, a house, a business or anything like that. You totally own your intellectual property and you can claim for the damages just like the case with other properties. The only major difference here is that this actually doesn’t exist physically or in simple words this is the intangible property that you cannot touch or feel. For instance you have developed some product and it is made by using some certain formula or the composition, now that formula or the composition is your intellectual property. You completely own this and if anybody else makes similar product using that certain formula of yours without your prior permission or consent, you can simply file a suit against him or her. Apart from that, the trade mark is some of the major examples of your intellectual property. How your product looks or appears to other is also your intellectual property.
Now as a business entrepreneur this is your prime obligation to get your invention or creation registered with the official or legal authorities to give it a cover or legal protection. Once you have got your IP protected with the help of some professional intellectual property legal consultant, your IP is secured now. Nobody else can copy your stuff and take benefits from this.
One can also think that only in products we may have the intellectual property, but this is wrong. Even in services we do have the intellectual property. So services can also be covered by the intellectual property act. So even if anybody is copying some of your unique services, again here you can claim for the damage incurred to your business or company and claim for the damages.
So this is pretty crucial to realize and highlight your intellectual property as this is the spine of your business. In fact securing your intellectual property is far more important than securing the physical property because in this case the damage could just be beyond your calculations and could also be irreparable as well.