Legal and Organizational approaches to protect the intellectual property:
To start first let’s discuss what is intellectual property, any property which is intangible assets including innovations of an individual’s/Companies which can be legally protected by the same are known as intellectual property. It is important to protect your asset as because of its unique features, other competitors will try to replicate your innovation which will reduce the value of your asset in long run. There are different ways to protect your intellectual properties, they are:-
Copyright
It is a kind of protection given to the work which is tangible in terms of papers, that are anything which is technically written on the paper can be copyright, for example, graphical designs, books, model designs, etc.
Patent
Patents allow the protective right to the owner of product with some innovative edge, where his/her competitors cannot create using the same techniques and selling the product using the same techniques it in the market. There are 3 types of patent, 1) utility patent, 2) Design patent and 3) plant update.
Trademark
Trademark differentiates the source of product or services of business from its competitors.
In our case, best practice to protect IP will be to have a patent for the innovation that we have. It will protect the innovation done to be copied by other competitors. With the use of new design, a company has an upper edge in the market and if the designed is copied by other competitors the edge will be goon and hence the design will became immaterial for the company and hence to protect company from such situations, patent is required.
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