What is intellectual property and why do you need to know about it?
Not knowing, carries consequences, some worse than the others.
A world where innovation reigns supreme, where every idea has the potential to reshape industries and thrust nations to economic greatness, where intellectual property rights aren't just legal concepts but, instead, the lifeblood of businesses striving for excellence and dominance in the global arena is a world which requires a paradigm shift in the way business and tech development operates today.
Put simply, without innovation, no nation can survive in today’s ever-evolving landscape of technology-driven commerce. Innovation is the currency of success nowadays. Intellectual assets such as intellectual property rights are crucial to business success and strategies especially. This is ever more relevant as individuals, small-medium businesses and companies will innovate and conduct business in the 21st century in a completely different way than ever before.
This in turn, requires that intellectual property rights, seen as key economic assets, be understood in order to make informed decisions and fully utilise their commercial potential for the sustained growth of technology-related businesses.
No longer is the understanding of the nuances of intellectual property rights seen as just a luxury or a field left solely to IP professionals.
Whether you're a lone visionary, a scrappy entrepreneur, or a seasoned executive, grasping the ins and outs of intellectual property has become a strategic imperative.
From ideas to assets
In certain industries, the value of intellectual property can skyrocket, surpassing even the worth of physical products themselves. Take the US Air Force, for example, where there's a growing recognition that the IP underpinning weapon systems is becoming more valuable than the weapons. This paradigm shift has ignited intense discussions within military circles and even caught the attention of the US Congress, sparking debates on how to navigate the maze of rights surrounding this critical IP.
But wait, there's more! Let's turn our gaze to a titan in the tech world: none other than Apple. In today's digitally driven landscape, Apple stands as a shining beacon of innovation, boasting a staggering 95,599 patents globally—with 78,104 still active. But that's not all—Apple's trademark portfolio is equally awe-inspiring, with over 1,000 registrations encompassing product logos, brand names, slogans, and beyond. From their iconic bitten apple logo to their revolutionary product designs, Apple's trademarks have become synonymous with innovation and excellence.
In 1892, William Painter, an American mechanical engineer who revolutionised the beverage industry. William had a brilliant idea that changed the way we enjoy our drinks—he invented the crown cork bottle cap and even designed a bottle opener specifically for it.
This ‘eureka’ moment led William to patent his invention, setting the stage for something extraordinary. In the same year, he founded Crown Holdings, a company that would eventually become a Fortune 500 giant.
Fast forward to 2020, and Crown Holdings boasted an impressive workforce of over 33,000 people across 192 plants in 39 countries.
And when it came to women inventors, Mary Dixon Kies made history by being the first woman to apply for and receive a U.S. patent under her own name. In 1809, she was granted a patent for her innovative technique of weaving straw with silk. This method revolutionised the New England hat-making industry. Her contribution not only marked a significant advancement in American innovation but also served as a testament to women's empowerment in the field of intellectual property. Mary Dixon Kies was posthumously inducted into the National Inventors Hall of Fame in 2006 to honour her pioneering achievement.
Information is (still) King!
Yet, status quo as of today can be summed up as:
“... a lot of business owners are probably unaware of how they could be helping themselves.” United States Intellectual Property Alliance
As the value of information continues to soar, the protection of intellectual property becomes increasingly paramount for both public and private enterprises striving for commercial success and resilience against competing IPRs.
Without a comprehensive understanding and strategic utilisation of intellectual property, innovative endeavours may encounter significant financial and legal hurdles. This is especially true given the intricacies of the IP system, which, while essential for safeguarding creativity and innovation, can also pose formidable challenges to those navigating its complexities.
So it comes as no surprise that mastering the nuances of intellectual property is not merely beneficial—it's imperative for those seeking to thrive amidst the dynamic forces of the digital revolution.
IP knowhow, do you have it?
Many business owners, entrepreneurs, researchers learn only too late about the benefits or drawbacks of not prioritising intellectual property protections.
“In a nationwide study of 1000 adults, 70% could not identify examples of intellectual property.” US IP Alliance
For some, it's a case of too little, too late; for others, it never even crosses their minds…
↓ Why? |
The culprit is often a cocktail of factors:
a lack of awareness,
IP knowledge gap,
limited resources to invest in legal services and
a general lack of understanding of the impact that intellectual property rights can have on one’s work, ventures, projects and so forth…
Navigating IP challenges: strategies for success
Having the intellectual property knowhow makes you more qualified to make an informed decision about your project, business venture or research. It allows you to create innovative approaches that you would miss otherwise.
From followers to leaders
Once you know that you can potentially benefit from intellectual property or that you should seek ways not to infringe someone else’s intellectual property right, you are then in a position to think whether you should seek intellectual property protection on your intellectual creation (be it an invention, be it work of art, be it a design, be it a logo, be it software, be it a database etc…).
whether you should continue with the project on the current path if you, all of a sudden, have managed to discover that someone else has intellectual property on a key component that you need for your research.
In essence, understanding intellectual property empowers researchers, businesses, scientists, and innovators to transition from followers to leaders in their respective fields.
While this shift may pose challenges, the investment is undoubtedly worthwhile, given that knowledge serves as the foundation for an economy built on robust intellectual property rights.