What is Intellectual Property?
Intellectual property (IP) refers to creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names and images used in commerce.[1]
IP is protected in law by, for example, patents, copyright and trademarks, which enable people to earn recognition or financial benefit from what they invent or create. By striking the right balance between the interests of innovators and the wider public interest, the IP system aims to foster an environment in which creativity and innovation can flourish.[2]
What are Intellectual Property Rights?
Intellectual property rights are the rights given to persons over the creations of their minds. They usually give the creator an exclusive right over the use of his/her creation for a certain period of time. [3]
IPR’s are also safeguarded under Article 27 of the Universal Declaration of Human Rights.
Intellectual Property Rights are generally granted or protected under the law to create a sustainable eco-system which promotes innovation and such rights are given to owners of IP or creators over the creations of their mind, which would also act as a catalyst for further creation of IP that would also act as a catalyst for further creation of IP that would ultimately benefit the economy.[4]
How does IPR help in monetizing the IP with examples?
Through branding strategies, IPR helps businesses to get established with their own identity. As the competition is increasing in this global market, creative ideas, Knowledge, innovations and its economic use has turned up to be crucial and significant assets for any business to accomplish and succeed which brings economic value by innovation, invention and creativity. It is important to note that from a creative and innovative idea to an invention, at every stage of the chain IP amplifies the value of the company. [5]
An enterprise invests a lot of money, time, and efforts to make a creative idea into a property and then to register their IP, in return the owner or creator of works find ways to earn money from this registered IP. Here is when monetizing IP comes into picture. Monetization of IP is an act to generate revenues from IP development. In simple terms, IP monetization means a process to convert a non-tangible and non-revenue generating product into royalties, revenues, and money.[6]
In monetization of IP campaigns, the first step should be to clearly identify the goals. Basically, there are two paths you can take:
- Deriving value by spinning off new businesses that are focused on improving the market infrastructure for products based on the IP.
- Approaching global businesses or partners to offer licensing opportunities in certain fields where the IP can be implemented.
Conclusion:
Intellectual Property has gained a lot of popularity in the recent times. With new categories and types products and services increasing, their importance has certainly increased. Intellectual Property Rights have greatly helped in protecting these products and services from being snatched away by others as their own.
[1] https://www.wipo.int/about-ip/en/
[2] Ibid
[3] https://www.wto.org/english/tratop_e/trips_e/intel1_e.htm
[4] Diva Rai, Difference between Intellectual Property and Intellectual Rights, blogipleaders.com (June 25, 2021), https://blog.ipleaders.in/difference-between-intellectual-property-and-intellectual-rights/
[5] Ibid
[6] Supra Note 4
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