Defending your rights for your intellectual property through patents must be supported with documents. You have to know how to protect your ideas to ensure that companies pay you for using those ideas. It is a must that you fully understand how the business industry is handling intellectual property rights in the present time. Intellectual Property (IP) refers to the exclusive rights of creations of the human mind which commercial and moral value. Through the IP law, your rights have been protected against infringement. The IP Law Intellectual property law grants the person of an intellectual creation wherein that entity has all the rights to exploit and benefit from their creation. The IP protection given by the law is intended to motivate the creativity of mankind for the benefit of the people while ensuring that they will benefit from their investment. This will stimulate creative activity in research and development. Ip protection will encourage the distribution, disclosure, and publication of the creation to the public. It also encourages commercial enterprises to choose creative ideas for exploitation. How to Protect Your IP Once you have acquired your intellectual property make sure to protect and own your rights to avoid business risk. The public should know about your idea before you protect it. Have you imagine that your competitor know your secret and replicates it. The worst scenario here is without you knowing, you have lost your legal rights. Take note that intellectual property can be owned, licensed out, bought, sold or bequeathed just like owning a piece of land. IP is a very valuable business asset. For this reason, it is important to know the following strategies to protect your IP. IP Registration IP rights vary and each right have different amount of protection from the law. The seven kinds of IP protection includes copyright, trademarks, patents, plant breeders right, registered designs, circuit lay-out rights and trade secrets. With the help of a patent attorney you can patent your intellectual property. 2. Own it but Keep the Idea Discreetly Take the necessary precautions to keep your idea discreet but let the public know about being the proponent of the idea. Make sure that there is confidentiality agreement before you disclose your idea to anyone. 3. Demonstrtae Full Ownership If it is your idea, show that it is originally yours. Establish proof of the date, place, and time of the conceptualization. Write down the detailed idea and the mechanics. Make copies and sealed the original documents. 4. Search the IP Website Ensure that you are not infringing IP of anyone to qualify for your IP protection application. Why there is a need to protect your IP? Protecting your IP means you are protecting your business asset. This is a vital factor for the long term viability of the business. Intellectual property may consist of many areas like corporate identity and logos. If these ideas are used without the company’s permission, then they are violating your IP rights. If your business is just starting to grow, protect your offered products and services. Remember that when you have great creativity and ideas for a certain service or product, there are people who will try to duplicate it and sell your ideas under their name. Oct 17 What Is Intellectual Property?