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THE IMPORTANCE OF INTELLECTUAL PROPERTY IN BUSINESS

Intellectual property is becoming an increasingly important business asset. Intellectual property refers to innovations in the form of copyrights, patents, and trademarks. Examples of intellectual property include novel inventions, artistic works, literary works, and distinctive signs pertaining to a company. Protecting intellectual property allows a company to grow by sharing their innovations while maintaining their rights as the owner.

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Business owners must understand the importance of intellectual property in order to effectively protect the company’s assets. The business world is becoming more aware that intellectual property protection is a huge factor of a company’s success and value. Investing in intellectual property protection will prevent the key resources of a company from being abused by its competitors.

The Different Types of Assets

An enterprise normally has two broad categories of assets, physical assets and intangible assets. Physical assets refer to the more traditional aspect of assets, such as the business’ buildings, machinery, and financial assets. Intangible assets are more difficult to cover, as they range from resources such as human capital to brands and ideas. Anything that contributes to a company’s creative and innovative capacity can be defined as intangible assets. Intellectual property is a huge component of a company’s intangible assets, and is often times the most valuable asset the company owns.

Due to the growth of information technology and service economy, innovative ideas and brand differentiation are becoming a main source of income for enterprises. The creation of intellectual property allows companies to have a competitive advantage over others. Understanding the different types of intellectual property protection allows a company to optimize the use of their assets.

Legal protection of intellectual property is more important than ever before, because it turns the company’s intangible assets into exclusive rights, so competitors are unable to benefit from their innovations. Intellectual property rights encourage and rewards innovations. It gives the owner of the property the opportunity to share their creations with limited competition and protects the company’s competitive point of differentiation. Intellectual property rights can sometimes be an extremely valuable bargaining tool rights, and it can be sold for financial gain. By protecting intellectual property, a company can expand the value of their assets and increase future productivity.

Patents and copyrights give companies exclusive ownership to their creative innovations. The holder of the patent or copyright has the sole power to decide how their work should be distributed and to whom it can be distributed to. A company trademark will create a reputation among customers, potentially enhancing its consumer base. Making the correct investment decisions in an enterprise is essential. If a company decides not to invest in legally protecting their intellectual property, their key resources may be at risk for infringement by competitors. Without legal protection, a company’s assets are open to the public and may be freely and legally used to acquire profit.

Reasons to Invest in Intellectual Property

A company’s future profits may be affected by the acquisition of a new patent or copyright. There are many instances in which a company’s value heavily increased overnight due to the acquisition of a patent. Furthermore, a trademark with a good reputation may also expand market value and increase the future revenue of a company. Investing in new intellectual property is now seen as a strong way to enhance a company’s financial situation. Research, product development and marketing for intellectual property is an investment that that every company should consider making.

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Starting a new business can be a bit scary. Aside from worries of failure, there’s also the hassle of making sure all legal paperwork are properly filed. I reached out to Mr. Wang (Tommy) because of his excellent reviews and reputation and I am so glad I did. He was thorough and meticulous in answering all of my concerns and took time to find out special laws and policies regarding the kind of business I am starting. I could focus on the daily practical side of starting my new office without worry because I felt Tommy was reliable and took my case seriously. My business is opened and it’s all been a smooth start because of Tommy’s help. I have plans to start another business venture in the next few years and I already know I’ll be coming back to Wang IP Law.

The Shindig W.

I came to Tommy for help reviewing a licensing agreement I had secured with a well-known manufacturer. Tommy made sure I understood all the details in the contract and he negotiated with the company to improve my side of the deal. I mentioned to Tommy at my first consultation that we were looking to expand throughout the US and were investing a lot of money to make a big entrance into the market. I did not think I would have my store open so soon but Tommy also has connections with the local area and realtors to help me secure the location for my first store in the Los Angeles area. Tommy works a lot with the local businesses and he understands how to transition from the Asian market to US market. Within 8 months my store was open for business and fully operating. I must recommend Tommy to any business owners looking for help with contracts and improving their side of the deal. Tommy has the knowledge and experience to make sure there is a smooth process to open for business here, and make sure that your company is set up for success.

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I think Tommy and his team by far considered the best people to work with in my 16 business years. Beside quick responses to all my inquiries, they also done things right and providing very professional solutions. I’m highly recommending Tommy and his firm to all business owners.

Calvin C.

I have been working on my Utility Patent for almost 4 years. I have hired and fired two very reputable IP firms because with all their expertise and reputation for being some of the top firms in IP Law, I felt a lack of connection and care in my product, time and financial investment. Then I found Tommy and his team. Tommy does not waste time. He and his team are professional and extremely thorough. After 4 years, I finally found a legal team that I felt spent the time to really understand the components of my utility patent. Tommy also very mindful of cost and how and where my money would be better spent. I really feel I am in great hands with Tommy and his team. They have been patient with my revisions. And most importantly, they made me feel that they fully understood the importance this patent is to me. It has been a great and comforting pleasure working with Tommy.

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