A lot of research, creativity and time go into coming up with
a new product or service, its logo or tagline and even a company name to begin
a business. Much hype is emerging in the start-up zone about Intellectual
Property Rights and why is it so essential. Start-ups lack knowledge and
usually tend to overlook the importance of Intellectual Property Rights until
it is too late. Some Intellectual Property Rights if not registered at the
right time can become a huge loss to a business enterprise and the chance to
get them registered would be lost forever. Start-ups need to be educated on the
importance of Intellectual Property Rights and how it could become a business
asset for them.
First
of all, let us enlighten you with what Intellectual Property (IP) Rights mean
and what are its most common types.
IP refers to the endless creative ideas and invention a mind
comes up with, it can be any work of art, a name, a logo, a symbol, literal
work, lyrics to a song or even its tune. Any form of creative work or invention
that one truly owns and gets registered
in his/her name is part of Intellectual Property Right and the creator
is bound to benefit out of the registered matter or idea if someone else wants
to use it. Every country has laws to protect Intellectual Property and have
country specific or even international acceptance to the registered article or
idea. For a start-up it is essential to know what the types of IP are.
Types of
Intellectual Property:
|
What Does It
Mean:
|
Time Span:
|
Copyrights
|
The exclusive and assignable legal right, given to the
originator for a fixed number of years, to print, publish, perform, film, or
record literary, artistic, or musical material.
|
One gets a 50 year protection worldwide over the lifetime
of the creator.
|
Patents
|
A government authority or licence conferring a right or
title for a set period, especially the sole right to exclude others from
making, using, or selling an invention.
|
One gets a 20 year protection in the country of filing.
|
Trademarks
|
A symbol, word, or words legally registered or established
by use as representing a company or product.
|
One gets 10 years of protection in the country of filing
and can renew it every 10 years.
|
Designs
|
A plan or drawing produced to show the look and function or
workings of a building, garment, or other object before it is made.
|
One gets 10 years of protection in the country of filing
and can renew it every 5 years.
|
Intellectual
Property Rights are beneficial in many ways and a start-ups ought to know the
importance of these rights while launching their work.
·
These rights act as a
protection from those who want to replicate the product or logo of a company
and profit out of someone else’s invention or idea.
·
It secures the business or
company name by legitimatising each product and a consumer benefits as well if
he buys the product from a certified or authenticated dealership only. For
example if a buyer buys a replicated phone from an uncertified source simply
because it looks like an iPhone, he cannot go to the consumer court if it gets
spoilt.
·
It is a boon as per an
investor’s point of view as well and a business would have more leverage if
their rights are properly registered.
Whoever
said, “Precaution is better than Cure”, had not known how apt it would
sound one day for the IP Rights domain. However knowing the benefits of IP are
not enough for start-ups these days, they also need to know what they should
avoid since a small mistake might end up costing them millions.
1.
Do not
wait long to register your invention, name, logo or idea.
Like every perishable item, an idea or a creation too has a shelf life
especially when you may be looking at marketing a website or product into the
e-commerce world.
2.
Do not
believe that IP is irrelevant and not useful, for example if your product
or invention clicks to the world and becomes famous then marking a patent will
be tough and probably even impossible to register.
3.
Do not try
becoming ‘Jack of all trades”, it is
best that you contact an experienced lawyer who deals in IP law, who guides you
with right information about IP rights and also registers them for you.
Each and every
business needs to understand the importance of Intellectual Property rights and
the protection it provides. The main goal of any business venture who believes
in making a success out of whatever they strive to do or invent will definitely
understand the significance of Intellectual Property rights and will find the
need to ensure that it has a secure future in today’s world.
Maheshwari and Co. is amongst theleading IP law firms in Delhi and India. We deal in Patents, Trade Marks, Copyrights,
Designs and Trade Secrets and various other area of IPR law.
Excellent blog for Law firms in Delhi And India. Keep Sharing.
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