World Intellectual Property Day is celebrated annually on 26th April worldwide. World intellectual property day is observed to promote awareness about the influence of patents, copyrights, trademarks, and design on daily life. This day aims to highlight the importance of intellectual property(IP) rights. It also serves as an opportunity to raise awareness about the various forms of IP and how they can be protected. This day is celebrated to encourage the potential of younger generations.
In this article, we will take a closer look at World Intellectual Property Day and also explore the significance of IP in today’s world.
What is Intellectual Property?
Intellectual property (IP) is a non-physical asset that a person or corporation possesses. Intellectual property rights are the rights granted to creators with exclusive control over the use of their creations and allow them to benefit from their work financially.
The function of intellectual property (IP) rights is to stimulate innovation and creativity across the various civilizations present in the world. Inventions, literary and creative works, designs, and photographs utilized in business/industry are all examples of IP.
Types of intellectual property
There are many types of IP, a few of them are:
Patents protect inventions and give the inventor exclusive rights to use, sell and license their invention for a limited period.
Trademarks are symbols or words that distinguish one company’s goods or services from another.
Copyrights protect original works of authorship, such as books, music, software, etc.
Trade secrets are confidential business information, such as formulas, designs, and manufacturing processes.
Why is Intellectual property important?
Intellectual property plays a crucial role in today’s global economy. IP rights protect the creations of individuals and businesses, which are innovated and created by themselves. Hence without IP protection, there would be chaos and fights between individuals and businesses.
Moreover, IP protection helps to promote fair competition, as it prevents others from imitating a product/design/service without the consent of the creator. This will eventually encourage businesses and also young individuals to innovate and develop new products/designs/services.
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How to protect IP?
Now the main question that arises is how can we protect Intellectual property (IP)? Well, there are many ways to secure pour IP, a few of them are mentioned below:
Have detailed descriptions, plans, and records that can prove how you came up with and have been working on your IP. This type of proof will help in case someone challenges you as the rightful owner of your trademarks and copyrights. Also, make sure you have added dates wherever necessary because the first date of use is critical in IP matters.
Apply for trademark
As soon as you have a business name and logo for your idea, you should register those trademarks as soon as possible. So applying for a trademark is also a simple step to protect your IP.
Keep it a secret
The last and crucial thing we should make sure of is the IP is known only to the trusted people of the organization. IP must be within a few people so that any cases of leaks and copying don’t occur. Until you have adequately secured your intellectual property, avoid talking about it with others, unless they have signed a nondisclosure agreement. Visitdesk can help organisations and workplaces take NDA from the visitors at the entrance and also track them across the organization. Visitor management systems like Visitdesk can help you maintain a secure organization along with protecting your Intellectual properties.
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