Author Name:   nermeenqaz

Explaining importance of IPR, How will you feel , if your idea is used by someone else and is taking all the credit for it

How will you feel , if your idea is used by someone else and is taking all the credit for it ? IPR or Intellectual property rights is the answer to your worries. Over the years, the value of intellectual property has grown tremendously and it is now a vital element to business. The Intellectual Property Rights safeguards or acts as a binder to the creator of ideas in a particular sector or field wherein these rights binds the maker with the creation lawfully, wherein infringement can be considered unlawful.

The Important forms of intellectual property are copyright, patents, trademarks , industrial designs. Apart from these there is one more form known as Trade Secret. A trade secret is any information that allows you to make money because it is not generally known. A trade secret could be a formula, process, method other non-public information. One of the famous example of trade secret is of the giant fast food chain KFC which has a trade secret of not disclosing its ingredients of its delicious chicken.

The forms of Intellectual Property allow you and your products to be distinguished individually from others. They are a seal of authority in the respect to the quality, product, services and expectations put forth by the buyer or the user. IP is a wealth creating machine which gives you legitimate ownership with image of a trustworthy organization .Every business house rely on intellectual property rights, spending millions of dollars to secure their intellectual properties.

With IPR you have the legal right to file a suit against anyone who uses your idea or logo etc without your permission, you can franchise or give copyright of your work to someone and get royalties over it .

Nowadays every country realizes the importance of IPR and so , almost every country has statutes providing guidelines regarding it. In India some of the important statutes regarding this are like The Patents Act 1970, The Trade Marks Act 1999 ,The Copyright Act 1957 etc. The provisions of these act have to be followed and any person infringing can be punished or fined.

IPRS is an important intangible asset in any company.It gives competitive edge in the market and protects from hackers and pirates. India is fast growing economy and innovation is becoming priority for Indian firms and the government ,this innovation needs protection and for this IP is necessary.

The  author can be reached at: nermeenqaz@legalserviceindia.com

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