The innovation cycle has also considerably reduced, as there seems to be an invention time and again. Along with astounding discoveries comes the challenges of protecting intellectual property rights in the digital era. Intellectual property rights have branched out to cover a host of elements including the intangible assets of your brand. This article explains the importance of intellectual property protection in the digital age.
The Internet has made it easier for people to access journals, publications, and any piece of information that is digital. This is leading to several users thinking that any information on the internet can be reproduced because it is available in the public domain.
After the lockdown was declared, according to renowned sources, there was a growing incidence of fake domains being created that had copyright-protected information in them. In , The Guardian, a British news website had accused a journalist from another country of plagiarizing passages from a Guardian article in the newspaper column that she wrote for.
Several brands such as North Face have also been struck by PR disasters owing to internet scams that they had indulged in. While everybody wants to be at the top of search engine results, it is not wise to get there by hook or crook.
North Face plotted a plan to swap Wikipedia images with their images so that their pictures are the first to appear on Google. In a matter of a few days, Wikipedia noticed it and accused North Face of illicitly using their educational platform for free advertisement. Suppose your company or others incorrectly use your mark.
Genericide is when a trademark has become the generic term for a general class of product or service because of its popularity or significance. Famous examples of generic names that were once trademarks are trampoline, escalator, and aspirin. Vendor compliance, employee awareness, avoiding using your trademark as a verb, and creative marketing can help prevent your trademark erosion.
With large companies like Microsoft increasingly embracing open source initiatives, open-source software is more prevalent than ever. Open source means software for which the source code is made freely available and may be redistributed and modified. However, it would help to take note of the exact licensing terms of the software your company is using. Some open-source licenses have no restrictions.
Some require simply stating what open-source software package was used. Intellectual property refers to intangible creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names and images used in commerce. Generally, all companies own some form of intellectual property. Intellectual property rights and registrations allow companies to protect their core business and research and development activities, while creating a stronger negotiating posture for cross-licensing and counterclaims.
Intellectual property rights and registrations also allow a company to block competitive products, dissuade potential entrants and clear a technological path for future market share.
Protecting your company is just one of the benefits of registering intellectual property — it also allows you to build value. Intellectual property is counted as an asset when determining the value of a company and can even be used as collateral for a loan.
What types of intellectual property should a company consider protecting? There are four general categories of intellectual property:. Alternatively, you may not be deemed the owner of the rights in your website or other work product created for your company by independent contractors, even if the work is paid for by the company. If the opportunity arises to sell your company or seek investment, not owning or having valid and enforceable protection of company intellectual property can negatively affect, and potentially even crater, a transaction.
What steps should a company take to protect its intellectual property? Regarding trademarks, companies should conduct searches to determine if the proposed trademark is available for use and protection. If the search results present low risk, federal trademark applications should be filed to protect the trademarks.
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