Question

What is unique with possessing intellectual property assets? Give different forms of intellectual property assets and show how organizations can benefit
from them.​

Answer 1

A recent spate of initial public offerings, high-profile mergers and acquisitions, and litigation has thrust intellectual property (IP) into an increasingly critical position in global economics. However, many organizations often fail to understand the value of and the risks to their IP, even when that IP accounts for a high percentage of the company’s value.

With limited resources and bottom -ine pressures from stakeholders, companies need a high rate of return on their intellectual property (IP) investments and appropriate protection for it. Not taking action could pose a serious threat to the success of the organization.

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Answer 2

Answer:

Uniqueness in possessing Intellectual Property-

There will always be people who want to replicate your success and sell your ideas as their own when you have a great idea for a product or service. Depending on the circumstances, you can use patents, trademarks, or copyrights, which all cover different areas of intellectual property. The competitors and others can be protected from the ideas which are unique and can be copied.

Explanation:

Intellectual Property-

• Intellectual property is a catch-all term for a variety of intangible or non-physical assets.
• Intellectual property is owned by a person or company and legally protected from unauthorised use or implementation.

Forms of Intellectual Properties-

Patents- A patent is a property right granted to an investor by a government agency, such as the United States Patent and Trademark Office.

The patent grants the inventor sole ownership of the invention, which could be a design, process, improvement, or physical invention such as a machine.

Copyrights -grant authors and creators of original material the sole right to use, copy, or duplicate their work. A copyright also states that the original creators can grant anyone permission to use their work through a licencing agreement.

Trademarks-A trademark is a distinctive symbol, phrase, or word that identifies a specific product.It legally distinguishes a product or service from all others of the same type and acknowledges the source company's ownership of the brand.

Hence, from the above discussion we can conclude that intellectual property protects more than just an idea or a concept for many businesses; It safeguards genuine business assets that may be critical to the company's core services and overall long-term viability.

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