Understanding Intellectual Property Rights for Business

The concept of Intellectual Property or property rights is not a newly emerged law or conception. The idea of patent protection exists since the printing press was invented. Over time, the significance and the necessity of
Intellectual Property Rights have only increased. What, why and how are the elementary questions that need to be answered to understand patent registration services to their fullest.

What are Intellectual Property Rights?
IP or Intellectual Property is an invention, idea or design that is a product of your creative concept. Moreover, IPR or Intellectual Property Rights is acquiring exclusive rights for your creation. Intellectual Property Rights is synonymous with property rights. The following are IPRs,

❖ Copyrights. Copyright is a form of IPR that is specific to protect the expression of ideas in both visual and audio form.
❖ Trademarks. A type of Intellectual Property that differentiates a product legally by the use of a word or symbol. Trademarks also include designs, brand names and logo.
❖ Patents. The sole authority guaranteed for your invention. The patent owner’s consent protects the invention from being made, sold or distributed commercially.
❖ Trade secrets. Unlike products or invention, trade secrets are valuable info. This info is economically invaluable and demands secrecy to be maintained.

Why Intellectual Property Rights?
Protection and security are the cusswords of today’s global marketplace. Therefore, protecting your creation is quintessential to Here are some significant reasons highlighted regarding the need for IPR.
➢ Contributes to economic expansion and competitive power. Intellectual Property Rights have a positive and beneficial influence on economic growth. Patent registration services generate incentives for creation. Safeguards from unauthorized copying. Grants financial assistance for start-ups. Economic growth helps in achieving
competitive power. IPR heightens export options. Using your brands and designs, you can seek franchising agreements with foreign corporations.
➢ Enforces protection for consumers. Trademarks, Geographical indications and Protection against high-end competition are the protective IPR platforms. The best trademark registration services provide authenticity to your products. Which in turn helps meet customer expectations.
➢ Generate innovative solution to address global challenges. The dominance of technology is the major challenge in today’s global entity. By promoting the law norms of innovation, patent registration services mitigate this technological gap between the developing and the developed nations.

How to procure Intellectual Property Rights and how it functions?
IPR is promised by the constitution. Intellectual Property Rights delineate abstract concepts like copyrights, trademarks, ideas and design.The law provides exclusive rights to acquire IPR. To attain IPR, you need to register with the proper patent registration services. Intellectual Property Rights function in three major ways.

  1. The defensive function- in this role, the IPR acts as a barrier between your creation and the outsiders. The authenticity obtained gives you the freedom to operate.
  2. The offensive function- with the freedom gained through IPR, you can give an edge to the competition.
  3. The corporate function- to enable the use of Intellectual Property inthe corporate strategies like Marketing, branding, tax planning etc.

    Wrapping up
    Today’s knowledge-based economy demands strategy. Therefore to run your business successfully you must employ patent registration services strategically. Understand the necessity of Intellectual Property Rights and
    get them from the appropriate place.