Getting Started With Intellectual Property
If you look at the books of large businesses these days you will discover that their intellectual property (IP) adds a huge amount of money to the balance sheet. In fact most businesses fixed assets are small in comparison to the brand and IP value. This tells us something very interesting – yes – how much more would your business be worth if you invested more in intellectual property recognition and registration?
When a business strategically identifies, maintains and secures its intellectual property rights then this can obviously have a major affect on the company in terms of its overall operation, including its ability to attract investors, enter into particular business partnership, and ultimately increase its value when it comes to sale or company merger.
Large companies who have mega-brands like Google and Coca Cola are often cited when it comes to their brand value as out-valuing their fixed assets hundreds of times, yet it is easy to forget how these businesses also became so big.
We live in an information world now. Information businesses like Google can be valued at a few billion dollars a few years after creation only because information is now so valuable. Information is a tradable asset only when it is protected by intellectual property laws and other laws. Every business, big or small should consider IP seriously. It is one of the best investments literally you can make with a company if the intellectual property value is capitalized within the company and added to the balance sheet.
It is highly recommended for companies of all sizes to be aware of intellectual property topics and produce direct strategies that will proactively ensure that their intellectual property will at all times be properly legally protected.
Here are a few areas to help you start concentrating on by first identifying the areas that you are creating intellectual property (IP) in:
1. Trademarks – these protect parts of your general brand such as slogans, pictures, names.
2. Copyrights – these cover the trade protection of expressive items such as documents, books, pictures, telecasting, audios etc.
3. Trade secrets – these protect proprietary information, internal know-how, systems and procedures that are deemed to give you a business competitive edge
4. Patents and industrial designs which protect particular types of ideas and inventions and processes
Considering the above items the first step that you need to do is identifying current IP within your company. You may be amazed by how much you may have. Once all sources of a company’s intellectual property have been identified, processes should be put in place that enable the company to easily keep track of all existing intellectual property and all new IP . Then someone needs to be given the responsibility to manage the intellectual property (IP).
Once the key intellectual property has been identified then the next step is to look at what should be registered to protect it legally. This is where a good patent lawyer comes in to play. Good intellectual property (IP) attorneys don’t come cheap but considering the value that is created then it pays off to invest for all your major IP.
Find out more about Trademark Registration Singapore and uncover how does a trademark lawyer and IP protection add value to your business rapidly.
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