Intellectual Properties in Business

Coming on Saturday 3 Sep 2022

What are Intellectual Properties in Business?

An IP refers to intellectual property rights such as patents, trademarks, copyright, and designs. They are the main ways by which companies protect their products, brands, and business models from other companies. 

However, most people do not fully understand how the IP system works. And if you want to start a business, knowing how it works can be a great advantage.

That’s why we created this course to help you understand how intellectual properties work in business. It’s for beginners and pros alike.

Why should you know about Intellectual Properties?

Creative Intellectual Property is essentially the author’s copyright and ownership of their works, and their ability to get royalties whenever they want to sell their work. Industrial Intellectual Property is a patent, trademark, trade secret, and any other form of intellectual property that is meant to protect a business or invention from being stolen.

So you can think of these as the rights of authorship. For example, if a song has been written by an author, the author owns the song as a creative property, and can control how the song is used, and when they are paid royalties for it. On the other hand, if a company makes a new type of tire, they own the patent and the product’s design and can make royalties for it.

What are the advantages to know about intellectual Properties?

1) Protect Your Ideas: Patenting your ideas is one of the best ways to protect your originality, and ensure that you get paid for your creations.

2) Prevent Piracy: Trademarks help prevent imitation goods and services from being sold. If someone sells a product and says it is ‘Made in Australia’ or ‘Australian Made’, it gives customers a guarantee that it is made locally.

3) Get Paid: Copyright helps to protect against infringement of your copyrighted material and ensures that you get paid for your creations.

4) Boost Confidence: Patents can be used to create a unique selling proposition. This is the advantage of knowing about intellectual properties.

What Problems you may have to Face if you Don't have Succinct Knowledge about this?

Intellectual properties play a vital role in the growth of businesses. For any company, intellectual property rights can be considered one of the most important assets. As per the studies, intellectual properties are the basis for innovation and hence are the driving force of the economy.

For example, if you ever make a mistake and forget to include a copyright notice, it may be too late. Your work is being copied, or even ripped off, by someone else and they might be claiming intellectual property rights over your work, and forcing you to pay for it.

But you can prevent this by having a legal understanding of copyright and patent laws. This will ensure you don’t infringe on any other person’s intellectual property, and get you out of trouble if you accidentally plagiarize.

So, if you don’t have proper knowledge of intellectual property, it may hamper your business growth. This guide is here to help you prevent bad consequences.