Did you know that intellectual property is among the most significant assets any business can own? With intellectual property, you symbolize creativity and innovation within your company. Still, you’ll need time, energy, and monetary investments to manage your business’s intellectual property.
So, what is intellectual property management? You can refer to intellectual property (IP) management as a system that allows you to manage immaterial business assets. These include innovations of the mind and human brainpower. Read on to explore the types of business intellectual property and why you need IP management.
Types of intellectual property rights
There are four primary intellectual property rights for businesses. These include:
Trademarks
Trademarks are your brand identifiers. Your company’s trademark can be a symbol, phrase, or emblem. It should be recognizable and legally distinguishes your product from others in the market. Once your business owns a trademark, you can hire a trademark monitoring service. That way, you ensure that no other brand can use or copy your intellectual property rights.
Patents
These are an investor’s property rights granted by a government agency like the U.S. Patent and Trademark Office. Owning a patent implies that you have exclusive rights to an invention.
These inventions may include design, improvement, process, or physical innovation like machines. Often, software and technology firms own patents for their designs.
Copyrights
Copyrights provide creators exclusive rights to copy, duplicate, or use their innovation. Also, you can grant any person the authority to use your original work through a licensing agreement under copyright.
Your copyright will protect creative material products like
- Books
- Games
- Movies
- Music
Trade secrets
Trade secrets are your businesses’ processes or practices not meant for public consumption. These trade secrets provide an economic advantage to the business or holder of the intellectual property right.
Usually, these IP rights result from your firm’s research and development practices. Besides, your company must actively protect them.
Why you might need intellectual property management
Large firms hold hundreds of patents. Even so, they lack the knowledge to capitalize on them with existing products and advanced business goals.
With IP management, you can provide information about your intellectual property to the public. Besides, IP management can establish, track, and document your IP ownership and rights.
Your IP management helps to establish non-disclosure policies. Also, intellectual property management will handle your patent portfolios. These include piracy, infringement, and unauthorized use.
You may need IP management to stay updated with your competitors. So, you enjoy exposure to their awards, violations, and claims.
IP management prepares your licensing and related contracts, allowing your business to handle post-issuance proceedings.
Wrap Up
Intellectual property can benefit your business in various ways. For instance, IP rights help identify, support, and promote your business products and culture.
With IP management, you protect your business’s immaterial ideas and assets. So, you get value as you invest in creativity and innovation. You can explore this page to get more info about IP management.
