Intellectual Property (“IP”) is the outcome of ideas being expressed into a tangible form. It can range from transferring the lyrics to your next “Hit” song from your mind to your notepad or thinking about a novel to actually writing it.
In the present-day business world, there is a shift in the entrepreneurial focus. We are no longer relying on the foundational principles taught with respect to creating a successful business. Traditionally land, labour, capital and entrepreneurship are the four factors in production but in today’s economy, the addition of innovation (the 5th factor) is vital in edging out the competition.
The 5th factor – innovation, is where business and IP merges. New ideas and creations have been adding noticeable success to businesses worldwide. These creations however, if not secured, are susceptible to being copied by competitors. Seeking out and attainingthe appropriate intellectual property right(s) is the key to securing your innovative expressions and your competitive edge.
Your creations or innovative expressions would vary dependent on the industry you are involved in. For each type of expression, in most cases, there is a type of Intellectual Property right (IPR) or multiple rights that protects it. These IPRs are known as Patents, Trademarks, Industrial Designs, New Plant Varieties, Layout Topographies of Integrated Circuits, Geographical Indications, Trade Secrets and Copyright & Neighbouring rights.