Why intellectual property is important

Access the IP for business tools. My New Business Northern Ireland business support finder Sample templates, forms, letters, policies and checklists Licence finder Find a case study Do it online. Protecting intellectual property The importance of protecting intellectual property.

Why is it important to protect intellectual property rights? Your IP rights are important because they can: set your business apart from competitors be sold or licensed, providing an important revenue stream offer customers something new and different form an essential part of your marketing or branding be used as security for loans You may be surprised at how many aspects of your business can be protected.

Explore the different types of IP in detail in our guides: trade marks get patent protection for your business copyright for your business unregistered and registered designs Some IP rights are automatically safeguarded by IP law, but there are also other types of legal protection you can apply for. You can then: protect it against infringement by others and ultimately defend in the courts your sole right to use, make, sell or import it stop others using, making, selling or importing it without your permission earn royalties by licensing it exploit it through strategic alliances make money by selling it The Intellectual Property Office IPO offers a number of online tools which can help you better understand your IP rights.

Printer-friendly version. Invest NI Helpline. Invest NI's IP support for business. Thus, companies should enter into an agreement with independent contractors before the work begins. The agreement should contain present assignment language to ensure the intellectual property rights in the work is properly assigned to the company.

What advice would you give a small company just starting its business? Invest in intellectual property on the front end. We regularly see small companies that have failed to protect their intellectual property and are unable to speak to potential acquirers about the strength or validity of intellectual property. Butler Snow LLP is a full-service law firm with nearly attorneys and advisors collaborating across a network of more than 25 U.

For more information about the firm, visit www. Please Sign In and use this article's on page print button to print this article. Law Elevated. By Adelee E. Related Content. Settlement provides million reasons for fraud and abuse law compliance. Courts find that Memphis and Nashville workers were unlawfully fired. The cost to create the work in the past compared to the present day. The methods are interchangeable when coming to the final valuation.

Other things also need to be considered when intellectual property is being evaluated. Intellectual Property and the Transfer of Risk When it comes to transferring risk with intellectual property, there are four widely accepted policies available. Intellectual Property Infringement Coverage This policy defends ownership rights if a patent infringement claim is filed.

Intellectual Property Enforcement Coverage An insurer provides funds, then takes the legal expenses from the insured. Intellectual Property Representation and Warranties Primarily used for acquisitions and mergers or purchase agreements, this is one of the less frequently used and known types of intellectual property coverage. Intellectual Property Value Insurance Rather than being a cover for defense, this is more of a cover for direct loss.

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