To mark your place as a sustainable and defensible differentiator in a highly competitive market protecting your IPR is the best and the only way that helps you maintain that place.
The categorized representation of intangible objects such as copyrights, trademarks, original concepts, and ideas is intellectual property (IP). An intangible asset is a non-physical asset that the company owns. It is owned and legally protected by a company. It is based on the concept that certain products of human intellect shall be protected with the same legal rights and with the same diligence as the physical property is protected. There are legal measures in place to protect both forms of properties in most of the developed economies.
The intellectual property holds such high value in today's knowledge-based economies that the companies work hard when it comes to identifying them or protecting them. A significant duty of any business is to derive value from intellectual property and prevent others from deriving value from it. Intellectual property can take several forms. Even though intellectual property is an intangible asset to a business, it can be of much more value than physical assets. Intellectual property is given an advantage to the companies, and therefore they protect it fiercely from misuse. Some of the ways to protect your intellectual property are:
Everyone in the business must take some responsibility for IP protection. IP is a valuable asset to the business, and many times it depends on the integrity of IP. Therefore, it should be given proper attention by both management and employees. Special roles can be assigned in a business to be held responsible for the protection of your IP rights. A person who is legally qualified to manage IP protection would be preferable. Intellectual Property Rights can be enforced in India by bringing actions to the civil court or through criminal persecution. Criminal proceedings, although, do not apply to patent and design infringements. The courts can provide interim remedies like an injunction. Intellectual property can be protected legally in the following manner:
Although certain risks are associated with IP enforcement in India, such as there is a lack of awareness regarding IP protection amongst the public. Judicial delays are also there when courts can take months and years to come to a final verdict. Lastly, several small players account for most IP infringements. However, A noticeable advantage is there for the foreign business running in India as the legal system is based on law common to several nations, so the basic procedure remains similar.
When a new business is started, it has a highly dynamic environment but the competition and technology are at a peak as well. One has to remain active and aware every time to protect your intellectual property from being used for other products and services. To mark your place as a sustainable and defensible differentiator in a highly competitive market protecting your IPR is the best and the only way that helps you maintain that place.
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