Expository Essay on Importance of Intellectual Property Protection

Introduction

Every company must protect its intellectual property (IP) rights which help the organization to face issues with patent, copyright, and trademark of intellectual property.

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Consequently, an organization should protect their IP because of its ownership, and increase revenue. To protect the intellectual property, there is a need to invest in well-written non-disclosure agreements to protect the trade secrets since no information would be leaked out that is likely affect the property. The intellectual property plan should include written policies and procedures, regular risk assessment programs, audit programs, monitoring tools, and real-time reporting tools, effective education and ownership culture where all are committed to safeguarding the company secrets, delegation of authority and duties, continuous enforcement of the policies, rules, and procedures, and adequate response to violations and infringement of intellectual property rights.

There is a need to identify both registered and unregistered copyrights and trademarks apart from the patent itself to avoid any property that is unregistered to be stolen by the likely competitors. The patent should be filed as soon as possible since it is the most crucial property that a group depends on to start its company based on the patents. The patent strategy should be based on how promising the future is to provide security to unique ideas for the maximum time. The possible challenges in protecting the intellectual property include the high investment cost that is likely to be used in the protection of the intellectual property (Peng and Mike, 2017. Pg. 16). Also, the long periods taken in processing of patents from the time of filing to date of issuing also affects the need to use the patent as soon as possible. There are high costs incurred in searching for the intellectual property that may belong to the group. The intellectual property can be protected through legal means or just through the brands. However, the best option would be through the legal means in the field where there are high competitors because this would minimize the chances of the other competitors legalizing your patent. Consequently, they would have an ethical and legal challenge to use a registered patent other than the case of using the alternative options.

However, protection of the intellectual property is best done in the early stage of establishing the business through a capital lawyer and can cover several areas such as technology ownership, trademarks, and business ideas. Moreover, entrepreneurs can ask the investors to sign nondisclosure agreements that will help protect the business idea. Intellectual property rights have become more vulnerable to infringement with the ever-increasing trade and the accompanying changes in contemporary society in all spheres. Hence, with rising globalization trends that have been accompanied by technological advancement, the challenge for IP registration and management has become essential in international relations. Consequently, promotion of free and fair competition is required to ensure that the original owners of an idea get genuine promotion on social development.

Conclusion

Moreover, losing the market share with new and emerging businesses in the development and establishment stage can be time-consuming and devastating especially while trying to chase the party without legal protection. Also, the increase of uptake of the internet in businesses has increased the chances of intellectual property theft, and organizations of all sizes are at the risk of having their products, unique ideas, or services infringed upon. Therefore, making intellectual property protection more important than ever in any business or idea is essential in the current world.

Bibliography

Peng, Mike W., et al. "History and the debate over intellectual property." Management and Organization Review 13.1 (2017): 15-38.