What is Intellectual Property? Defining the Essential Terms

The belongings of a business include much more than brick-and-mortar or other physical items. Yes, your buildings, office equipment, and vehicles are essential. But if you’re running a business in Raleigh, NC, your intellectual property must be protected as well.

So what is intellectual property, and how does failing to protect it affect your business? A proper understanding of this subject matter is critical for protecting your business interests and avoiding financial loss.

Understanding the Definition of Intellectual Property

Intellectual property (IP) is defined as any belongings that are “impalpable creations” of “human brainpower.” These complex terms describe a piece of property creatively designed by an individual, whose claim of intellectual property prevents others from taking possession of it. The broad range of items that fall under this heading varies based on many different factors.

For example, items that define your brand are considered IP because they are both creative and individual to your company. Literary work, inventions, new products, and many other products may also fall into this bracket. Therefore, it is essential to understand the types of property that you must be defended in these claims.

The Most Common Types of Intellectual Property

Still wondering, “what is intellectual property, exactly“? Unsure about how it might affect your Raleigh business? Let’s examine the various types of IP you may be dealing with. Companies of all kinds often utilize the intellectual property of others without even realizing it.

Critically, these elements are things that you must protect to ensure that you don’t experience any long-term financial struggles. Often, this process includes fully understanding all of these property types and finding a lawyer who can ensure that you don’t experience financial loss from thieves stealing your property.

Patents

If you hold any patents, they must be protected to avoid theft. Patents for new inventions, processing techniques, and more are all intellectual property. If someone uses your patent to create a new product or infringes on it, you have the right to sue them for compensation.

Trademarks

When you own a service or a product, you may trademark it to ensure that it cannot be used by others. Commonly trademarked items include slogans, logos, advertising concepts, and other branding elements. Pursue legal help if you find anyone stealing these elements from you.

Copyright

Creative works, such as images, words, product packaging, and the product, are intellectual property. When stolen by others (such as using a slogan that mirrors yours too closely), you can sue many businesses and get compensation for their activities.

Secrets

The success of many companies rests on them keeping trade secrets (the original Coca-Cola formula, for example). If anyone steals your secret or infringes on its design, you may be due substantial compensation. However, theft can be difficult to prove in some cases due to
the property’s secretive nature.

Why Intellectual Property Must Be Protected

Even if your intellectual property is somewhat abstract and hard to grasp, it must be protected. If you don’t take the time to guard this property correctly, you’ll experience financial and legal troubles that may impact you for years to come. These issues can be easily avoided by working with a high-quality legal team. Without them, theft of your property may:

• Affect Your Bottomline – If someone steals your property and uses it, they will be making money that you could be making and will cut into your market. The financial losses you may experience can be intensely high and could impact your development for years to come.
• Damage Your Reputation – What happens when somebody steals an intellectual item from you and uses it before you have a chance to implement it? You may end up experiencing a reputation hit as you are now, ironically, going to be considered as copying the person who stole your idea.
• Slow Your Expansion – High-quality intellectual concepts help to boost your business and expand you to other markets. If someone steals your ideas and uses them to succeed, your expansion will be slowed and you may end up being unable to progress to some regions of the market.
• Trigger Legal Troubles – Once someone has stolen your property, you may end up having to sue them to prove that you are in the right. Such lawsuits can take years to finish and may be costly if you lose. As a result, it is vital to take them seriously and properly prepare with legal experts.

So what is intellectual property, and why is it essential to defend it? This property is often the most critical element of your business and must be protected to keep your company operational. By identifying the types of intellectual factors you control, you can ensure that you don’t run into any legal troubles. And you can protect your rights and your financial health at the same time.

Let Us Keep Your Intellectual Property Safe

Intellectual property for a business operating in Raleigh, North Carolina, must be carefully guarded and tracked at all times. Theft is often very subtle and may be hard to spot, let alone prove. Other times, theft can be quite apparent, and it isn’t tricky to pursue a lawsuit to earn the compensation you deserve.

Contact CYLG PC if you believe your intellectual property rights have been infringed upon. Rely on our expert assistance in identifying companies that infringed on your creativity and attempted to utilize it unlawfully. We have long experience in handling these complications and many others, such as any logo or branding infringements. Reach out to us today!