Ideas and knowledge have become a vital part of trade. Many products are now being sold because of the information and creativity from which they were made. Enterprises have arisen and flourished as a result of a novel idea that was appreciated and well-received by the market.
Intellectual property rights, meanwhile, have become more important as the value of ideas and knowledge increases in trade. Without certain protections, creators face difficulty profiting from the ideas that they put forward. President Lincoln once said that the patent system, a form of intellectual property right, adds “the fuel of interest to the fire of genius.”
With intellectual property rules, creators can be granted rights that prevent others from stealing their ideas, creations, designs, and other inventions. Following this, they can also use that right over their idea to negotiate for payment in return for the use of those rights. With the right balance between the interests of creators and the wider public interest, the intellectual property system aims to maintain an environment that encourages creativity and innovation.
Enterprises establishing a sustainable long-term strategy should protect their intellectual property in timely fashion. Without filing for protections afforded by copyrights, patents, trademarks, and the like, companies are exposed to various business risks, including missed funding opportunities and a lack of control over their most valuable assets.
Irah Donner, a partner at Stroock & Stroock & Lavan LLP, conducts intellectual property (IP) audits and advises companies on strategies for protecting their IP, including preparing and prosecuting patent applications. For more information, subscribe to this Facebook page.