Protecting intellectual property is essential to remain profitable because intellectual property of a company prevent others from infringement of their own products and innovations. Particularly, protecting IP’s are relevant in today’s competitive market. Intellectual properties can cover a wide range of topics such as brand name, logos, services, processes etc.. of a company. An organisation is bound to face losses when these concepts are used without their permission. Let me explain you about the importance of protecting intellectual property with a case study.
YOU ARE NOT BAJAJ:
A Hyderabad food retain chain, Urban Food Mart, India pvt.ltd has told by the Bombay high court to stop using the name ” BAJAJ SUPER MARKET ” for its business. The justice has passed an interim order on Feb 5th, 2021. Retaining urban food mart using the name of Bajaj and has directed into remove all signatures i.e use of marks on shopping bags, cartons, parking material etc… with in 3 weeks.
Bajaj electricals sued urban food mart saying that it had been using the name Bajaj continuously and extensively since 1961.
In the above case study we can clearly identify that Hyderabad related food retain chain has violated the term Trademark in IPR by copying the name of Bajaj electronics with out it’s permission. As I mentioned in previous articles also, Intellectual property highlights the important assets of an entrepreneur, Intellectual property rights is the collective term for creations of the mind which can be used for the commercial good will.
Almost every company in this technical world has undeniably benefited from the internet, which allows goods, services, and marketing messages to reach a large audience at a low cost – but it has also raised the risk of intellectual property infringements. This ultimately makes the protection of Intellectual Property as one of the most important things in today’s business world.
Most of the entrepreneurs because of having lack of knowledge in intellectual properties ignore important steps that they have to take for protecting their IP assets later which results into loss for their company. So a proper attention should be given for protecting IPR of a company by both management and employees. It will be good for the company, if it nominate a manager who takes the responsibility for understanding and protecting IP rights.
LIFE CYCLE OF INTELLECTUAL PROPERTY(IP):
Protecting IP assets at the right time will always maximize the value of business. Now let us see the life cycle of intellectual properties in the following picture.
IP CREATION: Creation of IP enables innovators and inventors to identify and develop the potential research works in various fields.
IP PROTECTION: It enables in getting ownership rights and overall control on IP of a firm.
IP ASSETIZATION: Facilitates the development of IP based products of a company.
IP COMMERCIALIZATION: It enables business to make revenue and helps in expanding the market of the company.
HOW TO PROTECT INTELLECTUAL PROPERTIES:
The following are the five tips that every entrepreneur or owner of a firm must keep in mind for protecting IPR are as follows:
1 APPLY FOR PATENTS, COPY RIGHTS, TRADEMARKS:
Companies can protect their core management and their research & development activities through intellectual property rights and registrations. They also have a better bargaining position for cross-licensing and counterclaims. Intellectual property rights and registrations also allow a corporation to obstruct competing goods, determine new entrants, and pave the way for future market share via technological advancements. Intellectual property rights come in a variety of forms, such as Patents (used to protect technical information), Copyrights ( used to protect original artistic expressions of text, drawings etc..) and Trademarks (used to protect logos, brand names etc..). Each one of these must be applied in prior to protect the companies rights in order to sue if a third party infringes.
2 SECURE YOUR INTELLECTUAL PROPERTY BOTH PHYSICALLY & DIGITALLY :
Companies must protect their IP in both Physical and digital protection and should maintain high security where sensitive data is stored, whether it is in the server farm or it is in the paper form. Keep track on the person who has the keys. Use passwords and limit employee access to important databases.
3 AVOID JOINT OWNERSHIP FOR INTELLECTUAL PROPERTY RIGHTS:
Make an effort to escape joint intellectual property rights. It is always beneficial for you to have control of your rights. In the long run, joint ownership of such rights can cause confusion and legal issues threatening the security of these assets, causing harm to all parties involved.
4 GET EXACTLY-MATCHING DOMAIN NAMES:
An exact-match domain name is one of the best intellectual property protection strategies for trademarks and copyrights (that you already own). Though it can be a bit expensive but it will help you in the long-term benefits.
5 KEEP YOUR IDEA A SECRET UNTIL YOU HAVE FILED A PATENT APPLICATION:
Make sure that you never share your idea with anyone before you have protected the same. This is because the other person might file for a patent before you and gain ownership rights over it. There is an old maxim that says “a secret shared is not a secret anymore”. So, don’t share the total information about the idea or invention with anyone and keep it as a confidential matter.