Why Intellectual Property Is Your Most Valuable Asset
A lot has changed in the world (we know that goes without saying). It used to be that the most valuable property was monetary: gold, silver, etc. Then most recently, land and homes. Protecting these kinds of assets is easy and obvious. You store valuables in a safe, and you protect your home with security cameras and fences.
In this new digital age, however, companies like Google and Apple are showing us that intellectual property is now worth– well, billions, making it the most valuable asset you can have.
So, what is intellectual property and how do you protect it? We chatted with an experienced Scottsdale patent lawyer to answer these exact questions, and here’s what we have learned.
What is Intellectual Property?
Let’s start with the dictionary. According to Merriam Webster, intellectual property is an idea, invention, or process that derives from the work of the mind or intellect. So what does that really mean?
Already you can tell “intellectual property” is a broad term. Within business, it consists of many different types of assets, including trademarks, patents, copyrights, trade secrets, and more. In these cases, they are intangible assets owned and legally protected against any outside use or implementation without consent.
For example, Google is likely one of the most globally recognized trademarks. Because of that, it’s also the most valuable trademark on the planet, estimated to be worth $44 billion.
So what is a trademark? And what are other examples of intellectual property?
Examples of Intellectual Property
The following are the most common types of Intellectual Property.
- Trademarks: distinguish goods and services. They protect brand names, logos, phrases, symbols, smells, colors, tastes and designs. Trademarks can also refer to services that have the same criteria but apply to services rather than goods.
- Copyrights: cover creative works such as books, paintings and music. However, it protects the expression of suchs ideas but not the idea itself. For a copyright protection to be gained, a work must be original and expressed in a fixed form. It’s a legally enforceable property right that allows the owner to profit from a work while also preventing others from exploiting it without permission.
- Patents: protect new, and novel inventions and give the owner exclusive rights to make, use, and sell the product or design for 20 years.
How A Patent Lawyer Can Protect Your Intellectual Property
Imagine if Google never got exclusive rights to their name and service? They’d literally be missing out on $44 billion dollars. So while it’s not quite accurate to say intellectual property rights are “priceless”, they are extremely important and quite lucrative and dare we say – you’d be a penniless fool to not safeguard your ideas and inventions.
A patent lawyer can not only help you establish IPR (Intellectual Property Rights), but will be able to protect your assets in the case of infringement or other legal violations. They have the experience and expertise to guide you through the process and help you determine the value of your product or service. With so much potential money on the line, we always recommend working with a patent lawyer you trust.