Rajat Negi

Intellectual Property of your business

Screenshot 2022 05 23 174658 pp8ldw7iova0c7kq4h8dmkhy77nhvksi8xk4rg2fjq - Intellectual Property of your business

What will happen if I make a delicious pizza right from my kitchen and will try to sell you the same pizza under the name of domino’s pizza.  You are not going to buy because you know many things about dominos such as logo, taste, etc that’s why it is important to have a different logo (intellectual property) for your business so that your customers can differentiate between your brand and another brand.

Intellectual property refers to a property or product that originated in your mind or intellect. It might be one of several factors that provide your company with a competitive advantage. An idea, invention, or procedure can constitute intellectual property for the brand, providing it with a distinct identity. Intellectual property can also be a unique creation, creative work, or design. However, to safeguard it, you must properly register your IP, which ensures legal ownership.

Major types of Intellectual Property

Trademark

Intellectual property refers to a property or product that originated in your mind or intellect. It might be one of several factors that provide your company with a competitive advantage. An idea, invention, or procedure can constitute intellectual property for the brand, providing it with a distinct identity. Intellectual property can also be a unique creation, creative work, or design. However, to safeguard it, you must adequately register your IP, which ensures legal ownership.

following are examples of trademarks:

  • Logo: abstract name/image/word/ , a specific font size/ style etc. or combination of all. Ex- Pepsi logo
  • Taglines: phrase/ term associated with a brand. Ex-Jockey or Nothing.
  • Slogans: phrase/term associated with a product. Ex- Do It- Nike
  • Jingles: sound associated with a brand. Ex- Netflix’s jingle.
  • Smell or Odour: a perfume by Zara or any famous brand.
  • Colors: Inside wrapper of the kit-kat wafer. 
  • Sound Mark: Airtel’s Jingle.
  • Hologram: Wiley’s Hologram.
  • Motion Mark: Microsoft logo that flutters like a flag.

Patent

an invention and innovation that serves a beneficial function, is original and is not obvious-thus having a better chance of getting patented It might be a new technique, tool, equipment, formulation, or enhancement to an old innovation. 

following are examples of patents:

  • Invention: Any innovation that is to be considered for a patent must be new. This uniqueness can be achieved by a technique, an improvement, or the development of a new machine.
  • Innovation: Creating something new that includes traits or elements that do not exist in previous actions is regarded as an invention worthy of patenting.
  • New Procedure: A patent can be granted for any new technique or innovation that enhances the efficiency of an existing one by adding new qualities, is non-obvious, and has industrial value. establishing a new step in an existing process or mechanism that is not evident to a technical professional and gives an advanced technological solution to an issue.

Copyright

Copyright grants the inventor an exclusive and assignable legal right to express ideas in any form. Copyright protection extends to a variety of forms but is most typically applied to original artwork, literary work, musical material, and so on. Registration, on the other hand, adds tremendous value to your brand.

following are some examples of the same:

  • Literary work: Books, lectures, plays, novels, poetry, thesis, computer database, etc.
  • Artistic work: drawing, painting, sketching, sculptures, photography, plans, sketches.
  • Dramatic work: choreography, speeches, acting, stage performance, etc.
  • Sound: song, speech, audio, podcast, video, etc.
  • Music: symphony, music notations, harmony, etc.

Validity of Intellectual Property

  • Trademark: it is geo-specific and valid for 10 years. 
  • Patent: offers territorial rights for 20 years. 
  • Copyright: no geo-limit and it has lifetime validity even 60 years after death. 

Benefits of Intellectual Property

  • Monetary Benefits: sell or license it for additional revenue, an intangible asset for your brand, or claim royalty. 
  • Other benefits: offering distinctive products, an essential part of marketing, can be used for strategic alliances. 

When is the appropriate time for intellectual property?

The sooner you start, the better because it will help you grasp your company value and create a durable and defensible differentiation.

Final Words

Yes, it is vital for startups and SMEs since it will aid in startup valuation. We live in the technological age, and innovation is the backbone of every tech business or any other startup. It will uphold the brand image while being distinctive.

I hope, I gave you some insights about the intellectual property related to business and delivered them in the best possible way. 

If you have any queries related to the same then do leave a comment, and I will respond to it. 

DO SHARE THIS ARTICLE with your friends or family who are not aware of intellectual property.  You can tweet out your thoughts by tagging me @rajatinr on Twitter.

To your entrepreneurial Success

-Rajat Negi, Logging Out 🤗

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Rajat Negi

Compound Investor (Who loves to talk to stock)
Digital Marketer (Who loves to make brands)

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