What is Intellectual Property?
The World Intellectual Property Organization (WIPO) defines intellectual property (IP) as follows:
“Intellectual property refers to creations of the mind: inventions; literary and artistic works; and symbols, names and images used in commerce. Intellectual property is divided into two categories, industrial property and copyright.”
Industrial Property
Industrial property includes patents for inventions, trademarks, industrial designs, and geographical indications.
Copyright
Copyright covers literary works (e.g., novels, plays, and poems), artistic works (e.g., paintings, drawings, photographs, and sculptures), music, films, and architectural design.
Why Does Intellectual Property Need to be Protected?
The protection of IP is vital to fostering innovation. Without protection of their ideas, businesses and individuals would not be able to reap the full benefits of their inventions. This would lead to less focus on research and developing new ideas. In a similar fashion, artists of various kinds would not receive full compensation for their creations, and cultural creativity would suffer as a result.
How Does my Intellectual Property Increase my Business Valuation?
If your products and/or services (your IP) are legally protected, and there is a demand for them in the marketplace, they become valuable business assets in the following ways.
- Income can be generated by the licensing of your IP.
- Your rights in your IP can enhance the value of your business in the eyes of investors and financing institutions.
- In the event of a sale, merger or acquisition, your IP assets may significantly raise the value of your enterprise.
Royalties
If you’ve created something – a piece of literature, music, or art – and someone else is profiting from its use, you may be entitled to receive royalties paid to you by the user.
How to Protect Your Intellectual Property
If you have IP you would like to protect, you have come to the right place. Detroit Technology Lawyers (DTL) specializes in all forms of IP protection. So if you want to patent your invention, place a trademark on your product, or copyright your work of art, set up a consultation with us to see how we can provide you with the professional advice and help you need.
References
About intellectual property: http://www.wipo.int/edocs/pubdocs/en/intproperty/450/wipo_pub_450.pdf