April 26th is World Intellectual Property Day. In advance of this holiday, we want to talk a bit about why intellectual property rights are so important and why they must be protected.
Every invention has an idea at the heart of it, whether it is a creative work, a technological idea, or another idea that is unique. Ideas like these can form the core of a business that could change the world. The people that come up with these ideas should get credit for them.
For many people starting a business, an idea is all they have. All too often, another person who learns of an idea can capitalize on it before the originator has a chance to build their business. This doesn’t just rob someone of an idea, it could rob them of an entire livelihood.
Intellectual property protections like trademarks, copyrights, patents, and trade secrets were created to prove to others that someone had an idea first. These protections have been around for centuries in some form or another. If an inventor wants to build a business around an idea, they must take steps to use these protections in case someone unscrupulous, or even just lucky, does it before them.
If you have IP protections in place, you can prevent others from using your ideas for profit. You might even be able to receive damages if your idea becomes public knowledge. The first thing to do is to contact an intellectual property lawyer and discuss how to set up your business properly. If you live in the US, contact Greenberg & Lieberman, LLC for a free consultation on how we can help.