In today’s rapidly
growing economy the factor which plays a key role in the growth is the
uniqueness of the business. A distinguished identity is very important for
earning goodwill and growth of the business and Intellectual property rights
provides this uniqueness to a business. Proactive steps must be taken by the
organization to protect the innovative and distinctive aspects of their
products or services. Also taking into
consideration the main motive of business i.e. earning the profit, Intellectual
property rights also has significant value in the revenue stream. The business
can earn also from the intellectual property in form of royalties or licensing
fees. It is therefore really important for all the business, no matter what is
their organizational size to understand the importance of the tool of
Intellectual property rights.
Today, The Intellectual property rights are protected
worldwide through various treaties. The
Intellectual property can be categorized into major subheads which are:
Trademark, Copyright, Industrial designs, and Patents.
IP adds value at every stage of the innovation and
commercialization process: Patents protects and motivates inventions and trade
secrets, Copyright protection helps increasing literally works by authors and
artistic creations, and Trademark and Industrial designs establish business
identity through branding strategy and commercial marketing. Thus, all together
IP rights prevent competitors from imitating products or services.
Litigation processes on the subject of IPR vary from
challenging the validity of the registered IPR which can be trademark,
copyright, design or patent. It can also affect the interest of the business
and innovation process of the business to enforcement of the IPR rights if
there is a case of infringement of IPR. A business must maintain a good
frequency of due diligence process, record keeping, and documents of
registration of IPR’s which helps in leading the litigation process for the organization
in form of evidence.
New opportunities are opening up for venture capitalists to
target their investments in knowledge-based industries. Quantitative valuation
of Intellectual assets is a developing field in its very early stages that will
influence future trading systems for Intellectual Property.
In the upcoming time, Organisations will be required to
acquire expertise for the management of intellectual property subjected to the
maintenance of strategic IPR portfolio, licensing or transfer of rights in an
appropriate manner and best possible value, for the purpose of collaborations
or in terms of the tandem with research strategies and institutional business.