Before we jump into the intellectual property law first we have to clear what is property? In simple words, the property is a bundle of rights. For example a person Mike has a house so we can say that it is his property. So by the definition of property, we can say that he has the right of this property.
So now come back to our main topic. So intellectual property is defined as the property which is the creation of human intellect (brain). There are three types of intellectual property.
There are a lot of benefits to intellectual property law. It will facilitate you in protecting your business assets the important for your company’s success. By this law, you can sell your product and your services profitably and no one is going to steal your brand from you. It plays a vital role in any business. Here we are going to discuss some of the advantages and benefits of intellectual property law.
Intellectual Property Advantages
Let’s first talk about the advantages of intellectual property law. These include:
- It increases your company’s market value, with the help of your income generation ways that can include, licensing, commercialization, and sales.
- Coming up with more ideas that increase your company’s profit.
- Making a good repute in the market, becoming a brand. It helps you to sell your products and services to your targeted customers.
- It increases your sales as you have your brand and all rights to keep it. By using your IP assets you can also get funding from the governmental institution for some research because you have your company’s license.
- You will get a good repute in an online or global market.
Intellectual Property Rights
As an owner of your intellectual property http://keepingupwithiplaw.com/, you have all rights that no one can use or sell your product or services. No one can use your brand name to sell their services or products. A trademark prevents others from using a similar brand name with your company’s brand name.
Intellectual property law provides you the facility to sell your brand. You can sell your brand, license, and rights to others whenever you wanted to. For example, if you build a product you can distribute the license rights of your invention to other companies so they can launch your product in the market. Or maybe you completely handover all the rights to the companies and take away your money.
When you launch a product in the market many of the other companies try to copy your product. Here Intellectual property law helps you to monitor your competitors through there IP. For example, some of the information about the product like patent and trademark are public, so you can follow the footprints to track the other company’s progress.
Some of the countries provide the facility of tax breaks on some services and products so by using IP rights you can generate more profit because your product is tax-free.