Some business owners are unaware or dismissive of the importance of getting a federally protected trademark, patent or copyright. This is a misstep that can cost them in myriad ways. It can even lead to them not being adequately compensated for their work. That might end up with nothing at all. Knowing the benefits of protecting intellectual property is essential from the beginning.
Federal protection of intellectual property can avoid a litany of problems
Whether it is a trademark, a patent or a copyright, people need to know why federal protection of intellectual property is so important. A trademark is for a word, design or phrase that identifies what has been created; a patent is for technical innovations such as a new computer chip; a copyright is for creative works like a book or a film.
When a company has a trademark on their identifying word, design or phrase, it prevents it from being used by another entity to confuse customers. A patent stops others from copying the innovation and making it, utilizing it or selling it. A copyright grants the holder the right to use it as they see fit by distributing it, reproducing it or for any other purpose.
Recently, musical act the Beastie Boys filed a claim against the Chili’s restaurant chain for using the group’s music in a commercial and social media posts without receiving permission. This is an example of copyright infringement and shows why it is important to shield intellectual property.
Know the value of protecting intellectual property
Those who have worked hard and created a new product or used their skills to enhance other products need to know how to avoid having their intellectual property stolen. This can be achieved through a trademark, patent or copyright. Whether it is seeking protection or stopping another person or entity from using intellectual property without permission, having qualified and experienced assistance can make a major difference in a successful result.