Intellectual Property And Evolving Rights

Intellectual property (IP) refers to creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names and images used in commerce. IP is considered an intangible asset, meaning it cannot be held and does not necessarily have a physical presence. Considering their intangibility it is important for businesses to identify their existing IP to protect them against infringement. Usually, protection of IP involves giving the creator an exclusive right over the use of their creation for a certain period of time. These rights are protected in various ways such as registering patents, trademarks, trade secrets, copyrights, industrial designs and geographical indications. 

Types of Intellectual Property Rights

Why is protecting Intellectual Property Rights important? 

Protecting IP is crucial for several compelling reasons that benefit individuals, businesses and society as a whole. The benefits include but are not limited to the following: 

1. Encourages innovation by incentivising individuals and companies to develop new ideas, products, and technologies knowing that their creations will be safeguarded from unauthorised use.  
2. Contributes to the growth of the economy by fostering a competitive marketplace for businesses to capitalise on their inventions and ideas, driving job creation and economic activity.  
3. Trademarks and branding contribute to a company’s identity. Protecting these elements helps maintain consumer trust and brand reputation by preventing counterfeit products and imitations. 
4. IP protection grants legal rights to creators and inventors, allowing them to take action against infringement. This legal framework provides a means to defend their creations and seek compensation for unauthorised use. 
5. Investors often seek out businesses with strong IP portfolios, as they are seen as having a competitive advantage and long-term viability. IP can enhance a company’s valuation and appeal in investment decisions. 
6. In a global market, protecting IP is essential for maintaining a competitive edge. It ensures that businesses can compete on an international scale without the fear of having their ideas stolen. 
7. IP laws help protect consumers from deceptive practices, such as counterfeit goods that may not meet safety or quality standards. 
8. Protecting creative works fosters cultural development by ensuring that artists, writers, and musicians can benefit from their contributions, encouraging further creativity and artistic expression. 

Having understood what Intellectual Property is and why it is important to protect the resulting rights, our next article will help you understand how your business can use its identifiable assets to drive business growth.  

At CM Advocates LLP, we have an experienced team of lawyers who can offer you legal advice on your company’s Intellectual Property Rights. Please contact us for our services via law@cmadvocates.com or call 0716 209 673 for more information on our services. 

Contact Persons & Contributors 

Sandra Chesanai - Associate 

schesanai@cmadvocates.com  

Disclaimer 

This article is for informational purposes only and should not be construed as legal advice.