3 Important Things You Should Know About Intellectual Property Law
When it comes to intellectual property, lawyering up comes with the territory. First, intellectual property is quite broad and has several complications for a layman. But there are a few basics that you need to have in mind.
These things about intellectual property law may help you understand what exactly you can and can’t do. Also, by knowing them, you’re unlikely to infringe on other people’s rights. And what you can do when you have infringed other’s patents.
You also get an idea of what you can do when your rights have been infringed on. Here is a summary of some of the basic parts of intellectual property law. You won’t get the full picture, but parts of the important things to look out for.
Before you can dive in fully, you need to understand what Intellectual Property is and its Laws.
Intellectual property – these are various creations of the mind and can range from
- Sound recordings
- Marketing material
- Slogans etc.
They have to be original to be able to register them as your own.
Intellectual Property Law – these are a set of rights over the various creations of the mind. They are set to protect the original creator from copying and stealing their creation. The laws vary and you need copyright attorneys to help you sail through the waters. These laws don’t only vary in writing alone, they also vary in the amount of time. Intellectual property laws include copyright, trademarks, and patents.
As long as you were there first, you have quite an advantage over anyone coming after you. This is why you see a lot of digital companies dominate the internet for several years. They can easily claim anyone who comes behind has copied from them.
They then use the laws to tie down the competitor in court for years and delay their existence in the market. At times they drain down the finances of competitors and render them useless in the end. They make it harder for any competition for anyone to encroach on their brand.
But to have this kind of "power" and have the law protect you, you have to ensure that you perfect your rights. It means creating something that has probably never been seen before. Make an idea that wasn’t digital before digital.
When you have competent copyright attorneys, they can help you understand what is required of you. But you ultimately have to do the main job of creating a water-tight right that would be hard to breakthrough. And when your rights are infringed on, the lawyers give counsel with the aim of a favorable outcome.
Like everything else you may look at, you want it to work to your advantage and this isn’t any different. You can also use these laws to your advantage – there’s a catch though. You have to look at the strengths of the rights that you want to use first.
The one obvious way you can use IP laws to your advantage is by delaying the competition from going to market. For most markets, there are a lot of competitors, so delaying them from getting to market can be a huge bonus for you. It can be a substantial gain if used the right way.
For other scenarios, especially when you have a monopoly, you need the law for certain content and marketing products. You can use the law as a way to send a message to the competitors about challenging you.
It doesn’t, however, mean that you now set tight that you have the IP, you’ll need to work extra hard as soon you are unlikely to enjoy the monopoly. Other than that, you can enjoy gains that are legally sanctioned since you got there first.
Don’t assume that since you now have the law on your side you won’t have to compete. You have to compete daily to ensure your right is perfected to seal off any loopholes that may occur. This also helps maintain the reputation that you had built over time.
With intellectual property law being so broad, these are just the basics of what you’re protected from. You, with the help of your lawyer have to understand the various sections under the law so as to not get on the wrong side of it too.