What is Intellectual Property?
Intellectual property comprises the very fabric of most businesses. Yes, people make companies, but they are also more than people. More than people, ideas embody businesses’ identities. Where would Apple be without Steve Jobs’ ideas? Probably in the past.
Intellectual property comes in many forms that include trademarks, copyrights, brand symbols, or particular words. You can see these issues arise in patent law and tree secrets.
Trade secret laws and intellectual property law protect businesses’ competitive advantages. These laws ensure people with secret recipes and innovative product ideas get the compensation they deserve.
Because intellectual property is intangible and broad, it’s challenging to enforce who has domain and who has legal protection. It’s easy to place ownership over a warehouse or a product; it’s not easy to claim ownership on a business procedure or operation.
For example, in 2015, Mcdonald’s lost its EU rights to the Big Mac name because it wasn’t abiding by the EU-given guidelines.
Why is Intellectual Property Important
With an increasingly complex business world, filled with the internet and complex software systems, intellectual property is more important than ever. Though the internet invites intellectual theft, it also gives more opportunity to uncover wrongdoings.
It’s easier to spot copyright infringement now because of our increased communications. For example, a restaurant named Buddy’s Burgers in Saratoga has its name copyrighted. The chance of Buddy’s Burgers in Saratoga locating other restaurants with that name is far greater now than they were 20 years ago.
In this case, Buddy’s Burgers should seek a New York intellectual property lawyer and protect themselves from intellectual theft.
Protecting intellectual property is essential because it also protects the integrity of industries. If there were no way to hold businesses accountable for their business practices, fraud would be allowed to run rampant.
Intellectual property and law is the only way to make sure charlatans can’t exploit business systems for their unearned gain.
What Can a Lawyer Do?
To safeguard intellectual property, lawyers have to be present from the moment an incident occurs. Having lawyers present from the outset protects businesses and individuals from losing valuable profits.
If there is an internal leak of IP, the attorney must contact the right advisors to consult the business on proper protective techniques. Pursuing litigation penalties is the only way to enforce IP ethics and protect the company brand.
Take Control of Your Intellectual Property Today
Intellectual theft is just as bad, if not worse, than physical theft. You can replace possessions; you can’t replace ideas.
If you have unprotected trade secrets, and you’re worried about coverage, look into hiring an intellectual property lawyer today.
For more information on how to buy tangible property, check out our informative real estate blogs.
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