Shireen Smith (from YouTube) - Intellectual Property – The Challenges of Protecting Ideas

Since for many people, an idea is their key to economic success, being able to protect its resulting output as intellectual property is crucial if the business is to succeed and grow in value

• Everything begins with an idea. Every idea invariably results in an intangible manifestation of it once it’s brought into the real world
• Intellectual property law is the legal area that governs intangibles, so it has a significant role in today’s digital world
• The term “Intellectual property” covers a large area of law, including patents, trademarks, copyright, designs and trade secrets and other confidential information
• People assume they will automatically own intellectual property, and when they’re ready (for example, because they’ve achieved success in their business) they can turn to protecting it. That’s not how it works
• To avoid losing an opportunity to create valuable intellectual property, you need to be able to first identify what you’re about to create, and take the necessary actions to capture it
• Leveraging IP is how the value embedded in it is realised
• The time to consider IP is in the very early stages of a project when the new venture is just an idea in your head
• As intellectual property comprises copyright, trademark, design, patent, and confidentiality it means that the actions necessary to turn an idea into reality will differ depending on the type of IP that idea would generate once it’s implemented
• Protection of IP can be costly as specialist lawyers are expensive.  So the cost and difficulty in enforcing IP rights can be a real burden on SMEs that would prefer to focus on growth-related opportunities and scaling their business at the lowest cost possible
• if you choose a brand name sometimes, you should learn how to legal checks of the trade mark registers yourself in order to select an appropriate trademark
• Intangible assets cannot be measured unless they are managed. Focusing on intangible assets is the way to preserve the investment a business makes in its brand, creative efforts, designs and technology

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