Assets of intellectual property

ASSETS OF INTELLECTUAL PROPERTY

Intellectual property (IP) is a term referring to a number of different types of creations of the mind for which a set of exclusive rights are documented—and the equal fields of law.  Under intellectual property law, owners are approved certain exclusive rights to a variety of intangible assets, such as musical, literary, and artistic works; discoveries and inventions; and words, phrases, symbols, and designs. General types of intellectual possessions include copyrights, trademarks, patents, industrial design rights and trade secrets in some jurisdictions.

IP is alienated into two categories:  Industrial property, which includes inventions (patents), trademarks, industrial designs, and geographic indications of resource; and Copyright, which includes literary and artistic works such as novels, poems and plays, films, musical works, artistic works such as drawings, paintings, photographs and sculptures, and architectural designs.  Rights interrelated to copyright include those of performing artists in their performances, producers of phonograms in their recordings, and those of broadcasters in their radio and television programs.

Intellectual property is the property, which is derived from the work of individual’s intellect or mind that have some profitable value. Thus, intellectual property rights, very broadly are the rights granted to creators or owner of the work that are result of human intellect or mind. Broadly, these rights are divided into two categories: industrial rights, which include Patents (innovations), Trademarks, Industrial Designs, Trade Secrets and Geographical Indication of source; and Copyright, which includes Literary and Artistic Work such as Novels, Poems, Plays, Films, Photographs, Musical Work, Painting, Sculptures and Architectural Designs. The basic idea underlying patents, trademarks and other forms of intellectual property rights is to provide incentives and rewards to the right holders, and on the other hand, facilitating access to, and widespread diffusion and adoption of the fruits of creativity and innovation.

 

IP AUDIT

An IP audit will engage the identification of all of company’s intangible assets such as Patents, licenses, Brands, Trade secrets, designs, manuals, and know-how.

Another important feature of an IP audit will often result in a company wide positive reception of the true value of a brand, a patented technology or a design and in doing so will itself boost the value of the IP and the role that it plays in formative a company’s future advertising and production strategies. Stronger negotiating positions can be taken and vigorous long-term alliances forged only when true value of an IP and its surrounding state of affairs are understood. Every IP has its own implication and should be managed to form part of a unified IP strategy designed to capitalize on the company’s earning potential, employee job safety and customer loyalty.