HOW TO PROTECT YOUR INTELLECTUAL PROPERTY?

The categorized representation of intangible objects such as copyrights, trademarks, original concepts, and ideas is intellectual property (IP). An intangible asset is a non-physical asset that the company owns. It is owned and legally protected by a company. It is based on the concept that certain products of human intellect shall be protected with the same legal rights and with the same diligence as the physical property is protected. There are legal measures in place to protect both forms of properties in most of the developed economies.

The intellectual property holds such high value in today's knowledge-based economies that the companies work hard when it comes to identifying them or protecting them. A significant duty of any business is to derive value from intellectual property and prevent others from deriving value from it. Intellectual property can take several forms. Even though intellectual property is an intangible asset to a business, it can be of much more value than physical assets. Intellectual property is given an advantage to the companies, and therefore they protect it fiercely from misuse. Some of the ways to protect your intellectual property are:

• Make sure to find out if world-class security for protecting your IP is being provided when most of the work is being outsourced from domestic or global partners.
• There is a lot of research that goes in before making sure that the idea is unique and solely belongs to you. To be sure about this trademark and patent searches can be conducted to find out if somebody else is safeguarding them already.
• Patents are not the only valuable assets. Copyrights and trademarks must be given equal importance, and an auditor must be hired to distinguish between the registered and non-registered ones.
• Educate yourself and your team about crucial IP rights. A thorough study of the relevance of copyrights, trademarks, and patents must be conducted to avoid issues related to these at the last minute. A strong policy must be formulated to protect intellectual property protection.  
• Consulting an expert who is a pro at handling cases related to intellectual property will help solve the issues with standard solutions. An attorney with a specialized area of knowledge in IP must be hired to deal with such cases.
• It is mandatory to protect your IP without delay as the delay of even a minute can lead to copying or stealing of the unique or precious idea. Competitors don’t leave any chance to outdo. Therefore, it is required for you to be active in filing for IP protection.

Everyone in the business must take some responsibility for IP protection. IP is a valuable asset to the business, and many times it depends on the integrity of IP. Therefore, it should be given proper attention by both management and employees. Special roles can be assigned in a business to be held responsible for the protection of your IP rights. A person who is legally qualified to manage IP protection would be preferable. Intellectual Property Rights can be enforced in India by bringing actions to the civil court or through criminal persecution. Criminal proceedings, although, do not apply to patent and design infringements. The courts can provide interim remedies like an injunction. Intellectual property can be protected legally in the following manner:

• Protecting Intellectual Property against any infringement or misuse by others.
• It can be defended in the court of law to claim sole right over it.
• Others can be stopped legally for use, make, sell, or import without your agreement.
• Royalties can also be earned by licensing it or by money selling its money can be made.
• Trademarks can be used for strategic alliances.

Although certain risks are associated with IP enforcement in India, such as there is a lack of awareness regarding IP protection amongst the public. Judicial delays are also there when courts can take months and years to come to a final verdict. Lastly, several small players account for most IP infringements. However, A noticeable advantage is there for the foreign business running in India as the legal system is based on law common to several nations, so the basic procedure remains similar.      

When a new business is started, it has a highly dynamic environment but the competition and technology are at a peak as well. One has to remain active and aware every time to protect your intellectual property from being used for other products and services. To mark your place as a sustainable and defensible differentiator in a highly competitive market protecting your IPR is the best and the only way that helps you maintain that place.