What is intellectual property? Intellectual property (IP) refers to any work that results from creativity, like inventions, designs, manuscripts, symbols, and even ideas. If it’s your idea, it’s your intellectual property, and there are intellectual property laws governing the use and sale of such, especially things for which one might apply for copyrights, patents, or trademarks.
A copyright is legal protection for tangible creative works, such as books, movies, games and songs, and provides a basis for creators to receive compensation for their work. A patent protects inventions and designs for products, and safeguards the integrity of the product name. There are different types of patents, as there are varying inventions. A trademark is a mark or symbol that indicates the source of particular goods or services, such as a logo or slogan.
However, you might not realize how important this is. While there are copyright and patent laws, it’s unfortunately true that intellectual property theft is common, and it’s a growing problem. In fact, recent figures show that almost 10% of all products bought and sold worldwide are in violation of the United States intellectual property laws, with approximately one third of software products, music CDs and movie DVDs believed to be unauthorized copies. While these are tangible products, there is also a high level of theft of concepts and ideas, as well.
While we might automatically think of the entertainment industry as a victim of intellectual property theft, the truth is that the Information Technology sector shows the highest occurrences, followed by Banking and Finance, and the Chemical Industry. And, perhaps not surprisingly, ideas and concepts are often stolen by someone within the company or team producing those ideas ? almost 17% of intellectual property cases are related to insider activity.
However, new or small businesses often do not have the financial ability to preventatively protect themselves from IP theft, or pursue legal action when faced with such situations. It is important for a company to have strategies for intellectual property cases. Company members, especially the legal and creative departments, should know the facts about copyright laws, how to get copyright permission, and how to patent intellectual property. It’s also not a bad idea to consult an intellectual property rights attorney. He or she can advise you on strategies for intellectual property cases. Hiring an expert may be a wise investment for your business and your creative ideas.
