“The future of the nation depends in no small part onthe efficiency of the industry, and the efficiency of the industry depends inno small part on the protection of intellectual property.” Judge RichardPosner In today’s rapidlygrowing economy the factor which plays a key role in the growth is theuniqueness of the business. A distinguished identity is very important forearning goodwill and growth of the business and Intellectual property rightsprovides this uniqueness to a business. Proactive steps must be taken by theorganization to protect the innovative and distinctive aspects of theirproducts or services. Also taking intoconsideration the main motive of business i.e. earning the profit, Intellectualproperty rights also has significant value in the revenue stream.
The businesscan earn also from the intellectual property in form of royalties or licensingfees. It is therefore really important for all the business, no matter what istheir organizational size to understand the importance of the tool ofIntellectual property rights.Today, The Intellectual property rights are protectedworldwide through various treaties. TheIntellectual property can be categorized into major subheads which are:Trademark, Copyright, Industrial designs, and Patents.IP adds value at every stage of the innovation andcommercialization process: Patents protects and motivates inventions and tradesecrets, Copyright protection helps increasing literally works by authors andartistic creations, and Trademark and Industrial designs establish businessidentity through branding strategy and commercial marketing. Thus, all togetherIP rights prevent competitors from imitating products or services.
Litigation processes on the subject of IPR vary fromchallenging the validity of the registered IPR which can be trademark,copyright, design or patent. It can also affect the interest of the businessand innovation process of the business to enforcement of the IPR rights ifthere is a case of infringement of IPR. A business must maintain a goodfrequency of due diligence process, record keeping, and documents ofregistration of IPR’s which helps in leading the litigation process for the organizationin form of evidence.New opportunities are opening up for venture capitalists totarget their investments in knowledge-based industries. Quantitative valuationof Intellectual assets is a developing field in its very early stages that willinfluence future trading systems for Intellectual Property. In the upcoming time, Organisations will be required toacquire expertise for the management of intellectual property subjected to themaintenance of strategic IPR portfolio, licensing or transfer of rights in anappropriate manner and best possible value, for the purpose of collaborationsor in terms of the tandem with research strategies and institutional business.