Updated: Monday, November 30th 2020, 9:13:22 am

Articles

Being Open In The Market- Open Intellectual Property Movement

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As indicated by the use of intellectual property landscaping, intellectual property strategy, which has traditionally focused on patent strategies in the manufacturing industry, is undergoing significant transformations in its role as a catalyst for business growth.

There is no one-size-fits-all approach to marketing a diverse portfolio of technology-based intellectual property. In order to deliver consistent, high-quality results from your technology transfer efforts, it is critical to define and institutionalize an agile marketing process.

What is Open Intellectual Property Movement

Inventions, literary and artistic works, designs, symbols, names, and images used in commerce are all examples of intellectual property (IP). For example, patents, copyright, and trademarks are legal protections that allow people to profit financially or gain recognition from what they invent or create. The IP system aims to foster an environment where creativity and innovation can flourish by striking the proper balance between innovators’ interests and therefore the larger public interest.

Intellectual property law’s main goal is to promote the creation of a diverse range of intellectual goods. The law accomplishes this by granting individuals and businesses limited property rights to the information and intellectual property they create. This encourages people to create by allowing them to profit from the information and intellectual property they create, as well as protect their ideas and prevent plagiarism. These financial incentives are expected to encourage innovation and help countries advance technologically, but the level of protection provided to innovators is dependent on the level of protection provided to them.

Type Of Intellectual Property

  • Copyright: Copyright refers to the legal rights that authors and artists have over their literary and artistic works.
  • Trademarks: A trademark is a symbol that distinguishes the goods or services of one company from those of others. Trademarks go back to the past when artisans want to sign their products with their signature or “mark.”
  • Patents: A patent is a legal document that grants an invention exclusive rights. A patent gives the patent holder the right to decide how – or whether – others can use the invention. The patent owner gives up this right in exchange for the right to publish technical information about the invention in the patent document.
  • Geographical Indications: Geographical indications and appellations of origin are signs that are applied to goods that have a specific geographical origin and that have qualities, a reputation, or characteristics that are essentially attributable to that location. A geographical indication usually includes the name of the goods’ place of origin.
  • Trade Secrets: Trade secrets are confidential information that can be sold or licensed as intellectual property. Unauthorized acquisition, use, or disclosure of trade secrets by others in a way that is inconsistent with honest commercial practices is considered an unfair practice and a violation of trade secret protection.
  • Industrial Designs: An industrial design is a product’s decorative or aesthetic aspect. A design can be composed of three-dimensional elements such as an article’s shape or surface, as well as two-dimensional elements such as patterns, lines, or color.

Understand The Intellectual Property

Intellectual property refers to products that are created with the mind, as opposed to traditional notions of property like equipment, land, or buildings. They are visible and palpable. They are yours to keep, sell, or lend to others.

The first intellectual property rights recognized in law were patents, copyrights, and trademarks. Most people think of these first when they think of intellectual property rights. These intangible property rights are distinct, but they share some characteristics.

The patent protects inventions, processes, or ideas that are not widely known, can be reduced to a tangible form, are valuable or useful to society, and have a limited lifespan.

For a limited time, the copyright protects original expressions of ideas that are creatively produced in a tangible medium.

Advantages Of Protecting Intellectual Property

Genuine business assets that are critical to the success and profitability of your company’s products or services are protected by intellectual property (IP) rights. Protecting your intellectual property rights has numerous advantages.

  • Enhance The Market Value Of Your Business: Your company can earn money by licensing, selling, or commercializing protected products or services. You may be able to increase your market share or profits as a result. In the event of a sale, merger, or acquisition, having registered and protected IP assets can increase the value of your company.
  • Access Or Raise Finance For Your Business: Your intellectual property assets can be monetized by selling them, licensing them, or using them as collateral for debt financing. When applying for public or government funding, such as grants, subsidies, or loans, you can use your intellectual property to your advantage.
  • Turn Ideas Into Profit-Making Assets: Ideas on their own are worthless. In contrast, intellectual property (IP) can help you turn your ideas into commercially viable products and services. Licensing your patents or copyright, for example, can provide you with a steady stream of royalties and additional revenue, allowing you to grow your business.
  • Enhance Export Opportunities For Your Business: Intellectual property can help you compete in international markets. Brands and designs can be used to market goods and services internationally, enter into franchise agreements with foreign companies, or export patented products.
  • Market Your Business’ Product And Service: Your company’s intellectual property (IP) is critical in establishing a brand image. Take into account your company’s trademarks, logos, and product design. IP can help you distinguish and promote your products and services in the market.

Conclusion

Intellectual property rights to a wide range of works can be owned by individuals and businesses. Intellectual property refers to mind-created works of literature, art, and inventions. The two types of intellectual property are industrial property and copyright. The creator can profit or gain publicity from their work or creation thanks to intellectual property rights. If your work is protected by a patent, copyright, trademark, or trade secret in the United States, it is protected by law.