The Importance of Your Intellectual Property Rights

IPR

When we consider what we have the right to protect, many people to do not consider their intellectual property. This is often because ideas or thoughts seem much more indefinite and indefinable than physical property. The Australian government defines intellectual property as “the property of your mind or proprietary knowledge. It is a productive new idea you create.”

There are several reasons why your intellectual property rights are important and must be protected. This is why you should always acquire legal help from when you would like to legitimize one of your concepts. Here is why you should always seek intellectual property rights for your ideas:

Misappropriation

This is one of the main reasons that it is imperative to get your ideas or thoughts licensed. Now more than ever, due to the widespread reach of the internet, it can be quite easy to steal other people’s intellectual property. Whenever you post something online or even mention a concept in a forum, you are at risk of having your theory or model stolen. If you do not have proof as to the conception belonging to you, it can be extremely difficult to receive compensation at all. This means that other individuals will be free to use your ideas and concepts for their own gains. Without tangible evidence that you have certain rights regarding the idea, there will be no action taken against such individuals.

Devaluation

The moment somebody else begins to market your concept without your permission, your idea begins to lose value. This is because it is no longer a unique or original concept. This significantly diminishes the worth of your product. This will affect you if at any point you wish to sell what you have created. You will not be able to prove that you were the initial creator of the project. You may also receive a considerably lower remuneration for your invention due to its inauthenticity. If you decline any offers, the interested parties can simply move onto other vendors who would like to sell your creation for a lower price.

Reputation

There is a great deal of respect and praise that comes along with creating something new. If you cannot prove that you are the sole owner of an invention, your standing comes into question. Individuals will be doubtful of your abilities as well as your credibility as an innovator. There is also the unpleasant possibility that your creation will be used for nefarious purposes without your knowledge. In such instances, you may actually also be liable for whatever illegal practices that were taking place.

Compensation

The binding thread among the points above is that the lack of intellectual property leaves you extremely vulnerable. Not only can your work be stolen but there will be very little – if any – legal action that you can take against those that pilfered your ideas. You alone will be forced to shoulder any blame or grievances that may be caused by the situation.

To secure your concepts and keep you safe from theft as well as fraud, it is important to ensure that you protect your intellectual property. It is the only way to make sure that the law will come to your aid should you experience any theft of ideas or concepts.

About Mohit Tater

Mohit is the co-founder and editor of Entrepreneurship Life, a place where entrepreneurs, start-ups, and business owners can find wide ranging information, advice, resources, and tools for starting, running, and growing their businesses.

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