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Why Is Intellectual Property So Important?

A lot of work goes in to creating intellectual property and it is not always appreciated the way it should be. Intellectual property gives businesses their identities and sets them apart from the others. A lot goes into creating intellectual property and it is important for it to be valued and protected.

The Value of Intellectual Property

Intellectual property includes trademarks, copyrights, patents and trade secrets. Each of these things is essential in establishing a company’s value and growth. They set your company apart from others and make it illegal for others to copy you. They are all extremely important to businesses, brands, and companies and we’re going to explain why.

Trademarks:
A trademark is a word, phrase or design that distinguishes a brand or business’s name or product. This can be the name of your company, your logo or even your company’s tagline. You could also trademark the name of the specific product you sell. For example, if you have a shoe company, you could trademark the title of every shoe you design and produce. In order to keep your company unique, you can trademark these things so no one else can use them.

Copyrights:
Copyrights protect original works such as copy (words), designs, musical compositions, choreography and any other type of artistic work. The designs in your company’s branding package can be copyrighted, your company’s website or blog or jingle can all fall under a copyright. This will prevent other brands from stealing your words, designs, and other artistic works.

Patents:
A patent grants property rights on an invention. When a business is based on an invention that offers a  better way of doing something, a patent will keep others from copying its process. A patent will help you stay more competitive in the market.

Trade Secrets:
A trade secret is a formula, process, device, or any other business information that companies keep private.  These can include recipes, mailing lists, computer algorithms, or any other secrets your business uses to stay ahead of the game. Trade secrets give businesses an advantage over their competitors.