Intellectual property may be the most valuable part of a business. In many cases this value goes unprotected and is lost. There are three basic types of intellectual property. Each can be protected in one or more ways. The first type of intellectual property is an invention. An invention is a new and unique product, or a new and unique method of solving a problem.
There are two ways to protect an invention. The technical knowledge can be protected with patent rights, or kept secret as a trade secret. Sometimes businesses are not aware of inventions within their own company. This results in loss of market share and lost revenue opportunities for licensing.
Intellectual Property (IP) Vs. Intellectual Property Rights:
In many cases “Intellectual Property” or “IP” is confused with “Intellectual Property Rights”. This can be a problem for business owners because it clouds business deals and makes it harder to determine where the value is. Fortunately, there are patenting agencies like Invent Help that could help.
Money may change hands without the value of the IP changing hands. IP is the valuable property in a business, and Intellectual Property Rights are the legal mechanisms that protect the IP. An analogy can be drawn to real property, for example a home. Possession of the physical structure and the land are the value of the home. A deed is used as a legal mechanism to protect the home and the ability to posses the home.
When a home is sold, the property rights are transferred through a deed. The value to the buyer, however, is in the possession of the home. In the same way, when IP is transferred by assignment (sale) or licensing, the value is in the technical know-how for inventions, in the goodwill for a brand, and in the content for writings and works of art. The “Intellectual Property” or IP is in inventions, goodwill, and content; and Intellectual Property Rights are in patent rights, trade secret rights, trademark rights and copyright rights.
Contact InventHelp, registered patent firm, to protect and sell your valuable intellectual property.