In recent years, there has been an increase in interest in entrepreneurship. Consequently, there is a high demand for innovative ideas capable of creating something of value for society and generating a good financial income. What many of these don’t know is that when they faced with a business idea, they must protect it at all costs. However, startups still struggle on securing an idea.
Entrepreneurs should understand the basic principles of Intellectual property (PI) to protect your ideas with InventHelp from aggressive competition. The rights of intellectual property can be about a brand, logo, corporate identity, products, services or even processes that differentiate the commercial offer. These are the most valuable assets that a company can own.
Nowadays, almost all companies bet and benefit from marketing communications to reach their products to a vast audience and at relatively low costs, which is a more traditional method would be impossible. However, it also increases the likelihood of the business idea is stole by third parties. That is why intellectual property protection with the help of InventHelp is essential for business success, and entrepreneurs must understand their rights, duties and securing an idea.
Importance of intellectual property
As already mentioned, intellectual property plays an essential role in the success of the business. Especially in this case of a startup where the innovation of idea and risk in investment and its success are united. Of the several advantages that this protection presents, the following stand out:
- It constitutes an exclusive right preventing third parties from being able to produce, manufacture, sell or even economically exploit the developed solution, without the permission of the holder;
- It facilitates the growth of the business since it is legally protected, making it impossible for the competition to adopt the ideas;
- Demonstrates the commitment of entrepreneurs to their beliefs;
- Values investment for the development of products or services;
- It allows differentiation from competitors, offering customers something new and innovative;
- It will enable you to generate money by selling or licensing the product or service;
- It transmits security, credibility and commitment to the customer by the holder.
Types of protections
The kind of intellectual property protection that an entrepreneur or company can obtain depends on the creation in question. Thus, they must decide ideas fits in which of the available options and that this action is carried out as soon as possible to reduce the likelihood of losing protection. There are four main types of business ideas protection: patents, trademark, copyright and registered design.
If the entrepreneur is facing an invention, he may consider protecting it with a license. A license grants property rights to an invention, new products or innovative processes. In other words, it gives the holder of this right the power to prevent third parties from manufacturing, using, importing or selling these, without his permission.
These types of protection are signs that distinguish one merchant’s products or services from another. They can take various forms, such as words, slogans, logos, shapes, colours, sounds, symbols, distinct names of products or brands or even a combination of these elements.
Trademarks are registered for specific products of a particular class. Other companies or entrepreneurs can record their brands that are identical or similar, as long as they belong to different types of brands already registered.
Copyright protects original works of authorship. Examples of these are literary works, music, sound recordings, dramatic works, pantomimes, cinematics and choreography, sculptural, pictorial and graphic works, architectural works, software, web content, among many others.
A trade secret is something that companies keep confidential to provide an advantage over their competitors. This type of protection may include but is not limited to, the following, formula, process, device, and commercial information, list of customers or suppliers, financial data, computer algorithms, programs, techniques.
Innovative ideas allow many companies to be successful. Because they develop new or better alternatives than what already exists in the market, offering a competitive advantage. The intellectual property like InventHelp is essential to ensure safety to the entrepreneur and facilitates a possible internationalization of the business.