The Importance of Protecting Your Intellectual Property

You might have heard about some famous IP infringement cases like Bratz vs Barbie, YouTube vs Viacom, and Gucci vs Guess

There have been many incidents of brands suing some local stores, or businesses for using their character or product’s idea and molding it into their product. Some people might find it a petty move from the brand’s side to take these small businesses to court for a seemingly minor violation of copyright.

But, a company’s intellectual property is often all they have to guard itself against others from swooping in, undercutting the price, and ultimately pushing it out of its own business. 

Not having intellectual property law would lead to various problems such as reduced creativity, international trade issues, an increase in plagiarism and counterfeiting, etc.

In this post, we will explore the importance of protecting your IP and why it’s essential to go after those flagrantly disregarding it via the legal system.

When In Doubt, Lawyer Up

IP law shouldn’t be approached on your own, even if you believe you have a solid case. The law surrounding it can be hugely complex and littered with nuance and subtlety that can be confusing for those not well-versed in this particular area of law.

 Therefore, if you suspect or know a company or person has been flagrantly stealing your company’s intellectual property, your first move should be to contact a law firm specializing in IP law.

Using specialist intellectual property defense services will give you an upper hand over those ripping off your brand or product line and either put a stop to it, provide you with some form of compensation, or, in the best-case scenario, all of the above. 

However, because of the complexity of such cases, you should take time to find a firm that is willing to spend time discussing your situation concerning points like whether you have a case, and if so, what steps you need to take to proceed. 

This might take the form of fishing out patent records or any other documentation that proves your ownership over a particular component of the IP. It’s also worth noting that there are slightly different rules depending on your specific case.

These can range from copyrights and trademarks to the disclosure of trade secrets from a disgruntled employee. The type of case you’re dealing with will demand entirely different approaches, and only with the help of those who have trained for years can you ever hope to achieve a positive result.

The following graphs show the rise in the number of patent applications filed globally from the year 1990 to 2022.

It Can Encourage Businesses To Come Up With Fresh Ideas Without Fear They Will Be Stolen

Although some industries have a bad reputation for not tolerating anything concerning their IP, it allows companies to invest more money to construct new ideas and be more creative.  Sometimes, the threat of ideas getting stolen forbids companies to give their 100%. 

The best example of it is in the pharmaceutical industry, where new drugs tend to have 20-year patents over them. 

On its face, it might look like an unfair practice that gives them a near monopoly over sometimes life-saving and crucial drugs. However, the length of the patent is required to allow the drug company to reap back the sheer amount of money necessary to come up with these drugs in the first place. 

No business would invest time and money in it if someone reverse engineers or creates a generic version of the drugs before the pharmaceutical company has recouped their costs

The same can be said about all sorts of industries, whether it be the creative sectors or those on the cutting edge of technological advancements. 

This sort of protection makes the environment more favorable for research and coming up with new ideas, keeping civilization rolling and moving forward. 

Not only enormous multinationals, IP laws protect everyone from a multinational company to an aspiring author who has spent years of tortuous work coming up with new stories and ideas that benefit the world artistically. 

You Will Keep Your Brand Reputation Intact

Not only ideas and products, but IP protection laws also help to maintain a brand’s reputation. The consumer might not give much thought to using a generic version of a product but, the companies that have spent years establishing an image of themselves get restless because of the impact it could have on their reputation.

One intriguing example of how IP theft could impact a company’s standing is with Games Workshop, which has a reputation for being highly litigious when protecting its IP. 

The fake merch sold in the name of the parent company can severely tarnish the brand image of the real one. 

3D printed models of the real company might not be up to the quality of the real one, and those buying the fake ones can blame the original company for the inferior quality of products and spread the message that they are overpriced and not making a quality product anymore. 

Therefore, it’s far better for a business to deal with these IP infringements in the bud than to allow them to replicate their offerings. 

You Can Use Your IP To Generate More Wealth Outside Of It’s Core Use

It takes time and a lot of money to generate new ideas and then turn them into products ready for the public market. Therefore, once the time has been created and sold initially, the company may want to derive a revenue stream that lasts into the future. 

They can achieve this by various means, including licensing deals, royalties, and even selling the IP to another brand in order for them to make use of it.

Without adequate protection, there is no point in other companies or distributors paying for something they won’t be able to make their money back on. In addition to this direct form of revenue generation, IP could be the only thing that helps a business attract more investment to keep it operational and generate new things.

DO YOU KNOW?

•  The intellectual property law is not limited to Earth, it extends beyond our planet. For instance, if an astronaut in the International Space Station writes a song, then who will hold the copyright to it? 
• According to NASA, it would belong to the nation of the astronaut who created it.
• This illustrates that as humans continue to push the boundaries of exploration and innovation, IP rights continue to grow and adapt to these new frontiers.

Final Take 

Intellectual property law exists for a reason. It protects people from having their ideas stolen and ensures that businesses and individuals can make money from the fruits of their labor without fear of having everything stolen by another entity that hasn’t done the work.

Even if the law favors you, it’s advisable to utilize the services of an attorney who is well-versed in IP law and can guarantee you the best results, as these issues can get complicated and messy easily.

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