With the proliferation of social media into our everyday lives, content sharing is already the new norm for users. With companies adopting a user-centric approach and riding on user-generated content, the question of Intellectual Property (IP) rights may arise more often. It is important for organizations to be more cognizant of the repercussions of implementing an IP-compliant approach in their business and marketing strategy.
What is Intellectual Property?
When discussing IP, we refer to the definition provided by World Intellectual Property Organization(WIPO). According to WIPO, intellectual property
“refers to creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names, and images used in commerce.”
In essence, IP protects any genuine business idea or concept that makes up the business asset and is integral to the core service that the business provides. This can include many elements such as corporate identity and brand logo, as well as products and services that are unique to your business.
Types of Intellectual Property Rights
WIPO has classified IP into 4 major categories:
1. Patent
This is a legal protection provided to the original inventor. It prevents other people from using or selling the invention without the inventor’s permission. Patents are usually territorial rights, which means that it is also enforced in the country that it is granted.
2. Trademark
A trademark ia also called a badge of origin. They typically refer to the unique and differentiating factor that identifies a business from its competitors. Trademarks can come in many forms such as words, slogans, logos, shapes or colours. These are intangible assets that every business needs to protect as trademarks are direct representations of your brand and your reputation.
3. Copyrights
This protects the original piece of works that have been produced by the creator. This can come in any tangible form such as write, visual or even audiovisual. Examples would be videos, music, or even any copywriting material. The digital marketing world usually deals with this type of IP rights the most. Sometimes, the copyrights line may get blurry when businesses try to use User-generated content UGC in their marketing campaign. While someone may have taken a photo in your restaurant, or are using your product in an image, the rights of that image belong to the photographer or videographer. In this case, even businesses will need to ask for permission from the original creator before using those images.
4. Trade Secrets
This refers to any type of insider information within your company, business, or industry that is only known to you. This can refer to any type of processes that your company has developed and is being used in your products or by your employees in their work. It is important to keep these information confidential and have your employees sign an agreement to the confidentiality clause as well.
Importance of Protecting Your IP
Businesses, big and small, are at risk of either infringing upon other’s IP rights or getting their own IP rights infringed upon. This is why understanding your IP rights as a business and content creator is important.
Your Ideas Are Yours To Keep
A business idea takes a long time to develop and refine. When you have a great idea for your business, there will always be people who will snatch up that idea and claim it as their own. This is why it is so important to take that active step in protecting your IP rights. This may come in the form of patents, trademarks, copyrights, and even any trade secret that helps your business.
Protect Your Business Sustainability
The growth of your business greatly depends on how sustainable you have kept your business. Once you have gained some market share, it is important to maintain that market share to further fuel your potential for growth. It is very important to protect your own unique products and services to prevent your competitors from taking away your market share.
Conclusion
All businesses have intellectual property that they call their own and the only person responsible for protecting the business assets are the business owners. This is why it is important to understand and overcome the legal challenges of protecting your IP rights, especially in the digital space. Hopefully, this article puts into perspective how important IPs are in the business world. Each country has its own specific way to help businesses in the country protect their IP. We recommend heading over to your local offices to start protecting your IP rights now.
