When you come up with a brilliant idea, product or design, you want to make sure that no one capitalizes on your sweat without your approval. This is where intellectual property rights come in.
Intellectual property rights refer to the rights given to an individual or entity over their creation. IP confers specific rights to the creator over a certain time period. Some of the ideas you can protect with IP include works of art, logos, books or innovations. While some intellectual property rights are automatic, you may need a formal application and registration to claim others.
So why are IP rights important?
Intellectual property rights offer a number of benefits. Here are three instances when you need to obtain IP rights for your idea, products or business.
When you want to boost your business’ market value
Intellectual property can generate income for your business or idea through the commercialization or sale of the protected product or service. In return, you can grow your profits and boost your market share. And in case of sale, merger or acquisition, a registered and protected product or idea can raise your business’ value.
When you want to turn your ideas into profit-making assets
An idea in and of itself has very little value. However, you can turn your idea into a commercially-viable product or service by registering and protecting it. For instance, a licensed patent can generate income through royalties.
When you want to raise funds for your business
You can monetize a protected product or service through licensing or sales. You can also use them as collateral or as leverage when fundraising for your business.
Intellectual property rights can protect your business and give you a competitive edge. Find out how you can obtain IP rights for your business.