Intellectual property rights are the rights given or provided to an individual’s properties, which is the creation of his or her mind or intellect. Getting intellectual property protection and rights over it is not an easy process or task. But to take such protection is always suggested to the business owners so that they can protect the intellectual property related to their business and take advantage of the same.
There are both advantages and disadvantages of IP rights. But when we compare both the advantages and disadvantages, the advantages are more than the disadvantages. Therefore it is suggested to protect your intellectual property because it is as important as the other physical properties. For a better understanding of the pros and cons associated with intellectual property, we will discuss them in detail in the current blog. Understanding the negative and positive sides of intellectual property protection will help you out while you are going to take IP protection.
Types of Intellectual Properties
There are various types of intellectual property under the intellectual property law. The method of getting protection is different for almost all of them. For different kinds of protection, one needs to take separate protections under the IP law. Also, it’s not easy to complete the process without having the proper knowledge of the intellectual property rights law. Hence, it is always suggested to take the advice of experts while getting any kind of IP rights protection. The following are the main types of intellectual properties under the Indian IP law:
- Copyright Registration has been given under the Copyright Act of 1968. To get this registration, the work must be the original creation of the creator. There are different types of works that come under the ambit of copyright protection. Some of them are paintings, drawings, sound recordings, scripts of movies or plays, etc.
- Trademark Registration has been given under the Trademark Act of 1999. It has been given to the various signs and symbols like Starbucks has its distinct green color symbol, Apple has that half-cut apple symbol, etc.
- Patent Registration is one of the most time-consuming IP protection. It sometimes takes more than two years to get this registration. Each and everything regarding patents has been given under the Patents Act of 1990.
- Industrial Design is the IP protection given to specific and unique industrial designs. Sometimes, people get confused between a trademark and ID and consider them as one. But the thing is, both of them are two separate intellectual properties.
- A trade secret is one of the types of intellectual property which gives a number of benefits to the business owner and the business among the competitors in the market
- Geographical Indication or GI is given to the products as per the geographical location of the things. For example Gucci mashrooms of J & K.
Advantages of Rights of Intellectual Property
In the current time, it has been suggested to every business owner, whether they are a small business or well set up business, to take intellectual property rights protection. It is suggested because the protection of intellectual property gives various advantages to the business and the business owner. Some of the advantages of rights of intellectual property under the intellectual property law are given below:
Business Protection
Protection of business means separate recognition in the market so that anybody can easily recognise the business. The best illustration is the Coffee of Starbucks. There are a lot of coffee businesses in the market, but nobody can mix them with Starbucks. This will give protection to the business of Starbucks.
Promote Innovativeness
To get intellectual property protection on any kind of property, it is very important that it must have innovativeness. It is not similar to the things that are already in existence or already protected under certain IP laws. Hence it can be said that intellectual property promotes innovativeness in the market. Innovativeness means something that is out of the box and does not already exist.
Increase in Profit
Intellectual property rights of the business help them to increase the profit of the business. There are many types of similar businesses in the market, for example the mobile phone industry. In the mobile phone industry, there are different types of companies that produce mobile phones, like Nokia, Samsung, MI Vivo, Oppo etc. Even after so many competitors, Apple is making good profits and also increasing its sales every year. This is because firstly nobody can sell a similar product in the market and secondly people recognise it very well that nobody can copy it. This is possible because of the intellectual property protection of Apple.
Great Export Opportunities
Once a business becomes recognised in the market, the chances of great export opportunities have been increased. Intellectual property rights protection gives the business recognition in the market. This ensures that nobody can create the same goods and services in the market that are already served by someone after getting the IP protection. This will give export opportunities for the business. For example, McD. It has franchises all over the world, and this is possible because of the separate recognition of its products and services in the market. Nobody can copy the taste that it is serving to its customers.
Preference in the Market
If you see, the market today is full of goods and services that are kind of similar in nature. But, if your product is well recognised and is protected under intellectual property rights, then customers will give preference to such product in the market between the competitors. Let us understand the same thing with the help of an example. There are a lot of Pizza shops in the market, but the customer prefers to choose a well-recognised brand like Dominos, Pizza Hut etc
Disadvantages of Intellectual Property Rights
Some of disadvantages of the intellectual property protection are given below:
Complicated Process
As mentioned above, the procedure of getting intellectual property rights is very complicated. A layman cannot complete that procedure on its own. It is very obvious that to complete the procedure of getting IP rights, one needs to hire an attorney because, without the help of an expert, one cannot obtain IP protection.
High Cost
Without paying the registration fees as mentioned in the law, one cannot get intellectual property protection. Also, as mentioned above, due to the complicated procedure of getting intellectual property protection, it becomes necessary to hire an attorney who can do all the formalities on the behalf of the business owner. Hiring an attorney is an extra cost with the registration fees. All this increases the cost of taking intellectual property protection. Sometimes, small business owners ignore taking the same because of the higher cost it involves.
Time-Consuming
The registration procedure for intellectual property rights is a multi-stage procedure. First, the applicant or one who wants to take IP protection needs to file the application after completing all the formalities and documentation. Then, the examiner examines the application and verifies it. If he is not satisfied, then he may cancel the application. After which, the applicant again needs to file the application. All this takes a lot of time and effort from the applicant. Due to this, sometimes business owners ignore intellectual right protection.
Conclusion
Intellectual Property Rights play a very important or pivotal role in today’s technologically advanced business landscape. They offer several advantages, including safeguarding a business’s identity, fostering innovation, boosting profits through exclusivity, opening doors to international markets, and earning preference among consumers. However, the process of obtaining and maintaining IPR can be complex, requiring legal assistance and incurring significant costs.
Additionally, it can be time-consuming, involving multiple stages and potential rejections. Despite these disadvantages, the benefits of protecting intellectual property often outweigh the drawbacks, providing businesses with a competitive edge and ensuring recognition and security in a crowded marketplace. Therefore, careful consideration of IPR is crucial for businesses aiming to thrive in the modern world.
