We all have ideas of grand things we would like to do; develop a new drought-resistant seed, a ground-breaking mobile application or write a master-piece, a novel that the world will still be talking about decades after you are gone. If your grand ideas are about to become a reality, there is a question you should have asked yourself by now: “How do I ensure protection of my idea and mint endless cash from it?”
The answer is two words, Intellectual Property or IP. Intellectual Property is defined as creations of the mind, such as inventions, literary and artistic works, designs, symbols, names and images used in commerce.
IP is protected by Law. Most nations including India have an IP Law, which helps converrt ideas into IP assets by using regimes in the law to protect an idea.
We consulted an Intellectual Property Lawyer who provided us with meaningful information on how to protect your ideas and financially benefit from your innovation or startup.
This is the IP that protects expression of an idea, not the idea but its expression. Film, music, movie scripts, paintings and photographs use Copyright to protect their expressions. What is expressed in writing is what you can protect with copyright. Just be keen not to share your idea with an individual, institution or a funder before you protect its expressed form. The same goes for your software code, manuscript or screenplay. The smartest thing to do to do to protect your copyright is to ensure your idea is drafted and dated, and that you get a certification for it.
This is the IP that protects exclusive use of brand name, logo or made up words, for instance Google. You can also protect your brand colors, which restricts you to those colors only. Anyone can benefit from trademark whatever their industry. Trademarks provide exclusivity to the use of your brand, which also protects the reputation of your brand.
This is the highest form of IP protection. Patents are more common in the scientific community. Owning a patent means you are the only brilliant mind on earth to have craeted what you craeted. Your creation is extremely novel, never seen before, a factor that skyrockets your company’s worth. That’s why you will find corporations like IBM, Canon and Samsung have thousands of patents for the different inventions they create for their products. This also adds more to your net worth as a company.
So go out there and make your idea secure. Get the relevant licensing be same from duplication.
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