Intellectual property (IP), copyright and trademarks can be a very difficult area for a business to navigate.
Indeed, to a newcomer all the different terms and jargon involved can make it hard to know where to start building an IP portfolio. Therefore, a lot of companies simply do not bother.
But that would be a mistake, as intellectual property is absolutely crucial for organisations, and in many ways it is their lifeblood.
However, this is a mistake. IP is absolutely crucial for organisations, and in many ways, it is their lifeblood. IP is critical for fostering innovation in a company, so failing to make the most of it risks allowing rivals to take advantage. Ideas simply must be protected for individuals and businesses to get the rewards they deserve for their inventions.
Why copyright laws matter
Copyright protects anything fixed in a recorded medium. This could be digitally, on paper or on film. Copyright comes into effect automatically, with pictures, literature, choreography, music, sculpture, movies, software and architectural works all protected.
Businesses need to ensure their work is fully protected, otherwise they may not be able to earn income from it. It is possible for individuals to either sell, rent or license their works for profit to be made from them.
As well as the basic automatic copyright protection, companies can apply for a range of legal protections such as licensing agreements to make sure they are fully covered.
Trademarks are crucial
Trademarks are one of the most important parts of intellectual property for a business.
They are one of the most effective communication and marketing tools available to a company. Trademarks neatly put across what a company stands for. It is easier for customers to find businesses that have a well-known trademark.
Trademarks are possibly the most important part of your brand, and your brand is possibly the most important part of your business. The importance of protecting them simply cannot be overstated. Additionally, trademarks are also a valuable asset due to the fact they can appreciate in value over time.
The protection of IP assets, so businesses can exploit them commercially through good IP strategy, is vital to the financial health of a company in the 21st century.
If you need any further advice, please do not hesitate to contact Nath Solicitors.