You need to take into account a number of things when building a successful startup, but none as important as intellectual property (IP). While the word is often thrown around and most entrepreneurs know about it by know, it still creates a lot of trouble for startups.
Yet getting it right could be the difference between building a successful campaign and going to bust. The following guide will help you understand the importance of IP and the most common mistakes people make. More importantly it’ll show you how to avoid the mistakes and plan your IP to success.
What is IP and it matters?
So, what is IP all about? In short, IP refers to inventions and creations of the mind. This could be a piece of art, like a symbol or a specific design,
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The laws used for protection fall under the following categories:
• Patents – patents cover products or processes, the way things operate. The product or process must be original and inventive in comparison to ideas that are already out there. It is possible to file country-specific patents or apply for an international patent. A software program could be an example of intellectual property covered by a patent.
• Trademarks – trademarks protect the signs and designs which distinguish the product of other traders. The Facebook logo or the Apple logo are examples of trademarks. Interestingly, you could also get a trademark for a specific smell or the products design, like a special bottle.
• Registered design – registered designs protect more deeply the way things look. A specifically shaped mobile phone or a patter in a pair of jeans could have a registered design.
• Copyrights – copyrights protect the business or person’s artistic work from being copied. This could be the copy of the websites or the content of a book, for example.
Why does it
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This in turn, will naturally provide more leverage against competition. Other businesses won’t be able to use your brilliant business idea and benefit from it. You’ll be legally protected – in case someone uses your product ideas without permission, you’ll have the law on your side and you can seek compensation.
• Security – the business will enjoy more security against theft, for example, once IP is sorted. Furthermore, appropriate IP can protect your customers as well, as they are purchasing from legitimate companies that upheld their consumer rights. It also guarantees counterfeit products don’t become a headache you need to deal with.
• Leverage with investors – another big benefit for startups is the improved attractiveness to investors, if you have sorted out IP rights. Investors know it adds more value to your startup and seeking financing is much easier once you have IP sorted out. This doesn’t necessarily mean a fully planned and organised IP system, but you should show investors that you at least understand the importance of IP and know how to go about achieving it.
The common mistakes to
Way before their time Esther Dyson and Lance Rose both had their own opinions about the future of 'intellectual property' in the digital age. In 1995, two authors noticed this emergence of change. In the Wired article "The Emperor's Clothes Still Fit Just Fine" Lance Rose suggested that the norm of copyright infringement being a criminal act such as stealing a car would prevent this practice from becoming something that would be acceptable in society today. This leads into his argument that we do not need to change the current laws (in 1995) to prevent future copyright infringement. Esther Dyson's Wired article on the other hand titled "Intellectual Value" expresses a completely opposite view of this very same issue of copyright. Her arguments support the claim that copyright infringement would become more prominent in society and cause major revision of how we approach and pass laws toward the handling of intellectual property. Both of these articles were very predictive from the time they were written and have been proved accurate by events through the years.
According to our textbook, “Real property constitutes land and all things permanently attached to it (i.e. a house, a tree or coal below land). Intellectual property such as copyrights, patents and trademarks is personally owned but generally treated as a separate form of property by the law. Personal property is characterized by its portable nature; it can be carried from place to place (i.e. tangible personal property or intangible personal property)” (Roger, 2012).
When Tim Berners-Lee created the Internet as a non-proprietor, not-for-profit information conduit, he could not have predicted how controversial digitized intellectual property would become. Prior to the Internet, intellectual property was a fairly straightforward issue. It was protected with copyright, trademark, and patent legislations, which granted exclusive rights to owners. Violations were not as abundant because distribution was constrained by time and space. Moreover, violators were identifiable because anonymity was difficult to achieve. In today's "global village" however, digital information such as books, music, software and art can be instantly shared between two anonymous users, without any fee to the creator. Legislation is much more difficult to enforce.
Also during her presentation she mentioned the different kinds of intellectual property, something we discussed in class. They included copyright, patent, trademark, and trade secret. The differences between them are as follows; copyright protects a creative expression. Patent protects useful inventions. Trademark protects corporate identities and products and trade secret protects formulas and processes that are not easily discovered.
Intellectual Property Law used to only protect art, music, and literature, but because of technological development, Intellectual Property Law now also protects a greater variety of innovations including designs, inventions, symbols, discoveries, and words. The phrase “intellectual property” was first known to be used in the late 1700’s; however, it was not widely talked about, nor was the Intellectual Property Law in actuality commonly implemented. Intellectual Property Rights slowly gained more attention by mid-1800’s after the Industrial Revolution had taken place: more companies were created, competition between corporations became fiercer, and owning unique innovations were crucial to winning the competition. However, as Intellectual Property
There is this issues when it comes to IPR, this illusion that there are only two sides of a fence to stand on regarding how beneficial or detrimental IPR is in today’s society. Some people decide that IPR protects people from having their ideas stolen, promotes a healthy flow of inventions and discoveries for monetary gain, and in turn produce a flourishing, healthy economy. Other people feel that IPR advocates monopolies, encourages lawsuits, hurts “the little guy”, and ultimately crushes creativity, leaving little left to gain unless you are already a large and successful company.
“Copyright is a fundamental right of ownership and protection common to all of the arts” (O’Hara & Beard, 2006, p. 8). “It is a form of intellectual Property (IP)” and it gives the owner exclusive rights to the copyright (O’Hara & Beard, 2006, p. 11).
The World Intellectual Property Organization, Intellectual property is the ‘products of the mind: inventions, literary and artistic works, any symbols, names, images, and designs used in commerce’. Intellectual Properties such as Patents, designs, trademarks and copyrights are protected by laws. The US government offers different types of protection for these properties. The Lanham Act (15 U.S.C.A. Section 1051 et seq., also known as the Trademark Act of 1946, provides protection for trademarks. A trademark is defined as a name, word, symbol, or device or any combination thereof, adopted and used by a manufacturer or merchant to identify its goods and distinguish them from those manufactured and sold by others.
Intellectual property is property resulting from intellectual, creative processes. A product that was created because of someone’s individual thought process. Examples includes books, designs, music, art work, and computer files. (Miller R. J., 2011, p. 114) In the music industry a copyright is an important tool for artist to use to protect themselves from infringers. A copyright is the exclusive right of an author or originator of a literary or artistic production to publish, print, or sell that production for a statutory period of time. A copyright has the same monopolistic nature as a patent or trademark, but it differs in that it applies exclusively to works of art, literature, and other works of authorship (including computer programs). (Miller R. J., 2011, p. 125)
Intellectual property (IP) is defined as property that is developed through an intellectual and creative processes. Intellectual property falls under the category of property known as intangible rights, which includes patents (inventions of processes, machines, manufactures, and compositions of matter), copyrights (original artistic and literary works of), trademarks (commercial symbols), and trade secrets ((product formulas, patterns, designs). Intellectual property rights has a significant value to both individuals and businesses, providing in the case of large companies, over one half of their value on return. Since intellectual property rights are so important to the U.S. economy and its citizens, federal and state law provides protection, for example, civil damages and criminal penalties to be assessed against infringers. Due to the importance of intellectual property to a business, I don’t think that its protection and enforcement is going to be a thing of the past.
There are many reason that why is it important to protect one’s intellectual property. Some of the reason are Creator being accused as a theft, Loss of Reputation, Loss of income, Loss of Asset and Loss of Authority Rights.
Piracy is primarily a problem for the entertainment and software industries, and therefore piracy most often involves violations of copyright law. Copyright is a legal right that protects creative works from being reproduced, performed, or disseminated without permission of the copyright owner. Essentially, a copyright gives its owner the exclusive right to make copies of the material in question.
Copyright is a protection for authors, composers or artists and other creators who create innovative idea base work. Copyright law is important because of its role to protect the interests of the creator, while allowing others to gain access to it legally. It designed to make sure that creators receive appropriate rights for their own ideas and creativity, and to promote artistic creativity by protecting the creator.
Intellectual property is the ownership of ideas as well as the control over the tangible or virtual representation of those ideas. Software is intellectual property, as are books, movies, and music.Like music performers and authors, software developers use copyright laws to protect their work and their investment in the field. The theft of intellectual property thus eliminates the resources used to develop newer and better products.
Intellectual property is information, original ideas and expressions of the persons mind that have profitable value and are protected under copyright, patent, service mark, trademark/trade secret regulation from replication, violation, and dilution. Intellectual property includes brand items, formulas, inventions, data, designs and the work of artists. It is one of the most tradable properties in the technology market.