Importance of Intellectual Property

Topics: Patent, Agreement on Trade-Related Aspects of Intellectual Property Rights, Invention Pages: 3 (883 words) Published: August 26, 2013
One of the most valuable assets that a company has would be its intellectual property; these assets can also provide the business with a competitive advantage in the marketplace. So, what is intellectual property? It can be described as “any product of human intellect that is intangible but has value in the marketplace”. It is referred to “intellectual” property because it is the product of creativity, inventiveness and human imagination. Intellectual property is such an important issue for an entrepreneurial firm for many reasons, first, as I previously mentioned, it is one of the most valuable assets that a company has, however, it is just as important to recognize what intellectual property is and how to protect it. A start-up or entrepreneurial company relies heavy on the business concept and idea of the endeavor. If the intellectual property is not carefully protected than it risks the takeover by another startup company or competitor. A patent is described as “a grant from the federal government conferring the rights to exclude others from making, selling, or using an invention for the term of the patent”. There are (3) three types of patents. The first one that I will discuss is the “utility patent” which is the most common type of patent; this type of patent covers new inventions. This type of patent is granted to anyone who “invents or discovers any new and useful process, machine, manufacture, or composition of matter, or any new and useful improvement thereof”. The term of this patent is 20 years, after the expiration of 20 years, anyone is entitled to produce or sell the invention without paying the prior patent holder. This type of patent excludes ideas or suggestions for a new product or process. An application is part of the requirements and must be completed within one year of when a product or process was first offered for sale or put into public use. A complete description of the invention is also a requirement; the description includes the...
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