It could be surprising for many people to know that they own more intellectual property than they ever imagined. This type of property is not just owned by huge businesses or popular brands, but by anyone who has created something extraordinary and unique.
Intellectual property is nothing but an indefinite asset that is singular to an individual. It may be that you have an excellent idea that nobody has ever had before and what you are looking at is protecting intellectual property.
Your distinct and exclusive idea could be your ticket to a successful professional career and you would not want anyone else to take undeserved credit for it. This is why it is immensely important to legally protect your distinct idea before you go around talking and discussing about it with your friends, colleagues, families, acquaintances, and even strangers.
Great ideas, undoubtedly, give you a huge sense of achievement, however unless you go about protecting intellectual property, you stand to lose what you so carefully and tirelessly created. Although the State and federal intellectual property laws do provide you assistance to some extent, the last thing you would want to get into is a long-winded legal battle. The best thing to do, whenever you have a superb, original idea, is to give it legal protection.
As per the World Intellectual Property Organization, or WIPO, intellectual property could be designs, images, and symbols used in business areas, literary and artistic creations, or inventions. This type of property can be split into two groups- copyright and industrial property. Protecting this property is imperative, failing which could lead to unwanted consequences.
Why do we need to protect original thoughts, ideas, and inventions? Without legal protection of your original ideas, you could be in a self-defeating situation, and the world at large would miss out on the whole concept of innovation. If new ideas and concepts could be freely used by anyone and everyone, there would be no appreciation for the hard work one individual or a group of individuals have invested on it. Furthermore, businesses would not spend so much of their time and resources on extensive research and developmental activities. Our entire culture would run the risk of turning mediocre if artists were not suitably awarded for their avant-garde thinking.
With the increasing rise of theft, counterfeiting, and piracy, protecting intellectual property gains more magnitude. Theft is one of the most common risks that all professionals face. Unless and until you protect what is rightfully yours, there is a good chance that it will be stolen from you.
Another risk that businesses with original inventions and ideas face every now and then is that of losing credibility in the market. As your idea is duplicated in an irresponsible or illegal way, there is a great chance of your brand name gaining negative publicity. Since consumers will directly associate you with your unprotected and misused idea, you lose your value and worth in the market.