Blog Details

Author - Associate Kantika Mukherjee

The demanding world of ours runs on the competitiveness between the different firms and the economic health of the various nations. Also, both these things depend on the ability to commercialize various ideas and innovate different technologies. This is measured concerning the above entities as it helps a nation or any individual gain economic benefits based on scientific and technological innovations.

Thus, technology has also become intellectual property. The intellectual property rights include patents and copyrights, which are under a company or an individual. This is done by firms to protect their investments in the technological arena. Even the government bodies use it as intellectual property to encourage industrial growth and economic development of a country.

Intellectual Property right on technology basically grants an innovator with a temporary monopoly on the usage of the innovation. In this way, even the investors feel secure and can see a proper gain in the near future. Basically, the rights help the innovator as a sudden imitation of the invention or the product is not allowed. If that happens, the innovator’s return would decrease and the investors will not be able to make any profit. At the same time, it would also decrease the incentive to innovate.

The Intellectual property rights on technology not only restricts the imitation but also helps the innovator to limit its availability and increase its cost. However, this also stops the growth of other organizations in the technology sector since they cannot develop innovations or improvise the original technology immediately. It is a cumulative process. Also, if the newly introduced technology has productivity betterment features for the economic activity, then that too may be slowed down or retarded due to the rights. This is only because of the protection of the new innovation.

Hence, Intellectual Property rights are always swinging between the objective of providing an incentive and appreciation to the innovator, and the aim of rapid diffusion of the new technology with the accumulation of technical knowledge. The competitive objectives also compete with the dominant economic interests from the research and development (R&D) intensive firms and also the non-R&D intensive firms. The firms obviously include industrialized countries, non-industrialized countries, and even developing countries.

Thus, the technology sector also has an undying need to protect its innovation with the help of Intellectual Property rights. The advancements are carried out at a rapid speed. At the same time, they are also necessary to make things easier. However, at the same time, there are a lot of hackers in the industry. So, to gain benefits, it is even more crucial to have copyrights.

The whole process has become crucial for monetizing an individual or an organization’s innovation. There are a lot of different ways through which a company or an individual can file a patent for themselves. The several steps for protecting a technological innovation or a patent are:

• The patent right needs to be for all the entities even if they are not important currently to the innovator or the organization. If a competitor is going to benefit from it in the long run, it is worth getting a patent for it.
• It is crucial to work with an attorney that specializes in intellectual property. It is crucial to research on the attorney and then opt for working with them on a patent. Innovators or companies can also choose to hire an Intellectual property officer for themselves.
• It is evident to register for not only national but also international patents. However, this entirely depends on the innovator and his innovation. However, even if the competitors work globally, it is vital to get an international patent.
• Being proactive is really important. There is a lot of competition in the market. People are introducing and innovating every single day. Thus, it is crucial to be first. An innovator needs to understand the value of time if he/she does not want to lag behind.           
• The innovator or the organization needs to understand the importance of Intellectual property rights and effectively structure a proper team for the same. It is important to understand and research each person’s expertise as that will only land the innovator with the proper patent right.
• At the same time, an inner compliance system needs to be decided for the patent right requirement. This will help the company or innovator to monitor and ensure that the patent registration process is carried out smoothly. Everything needs to be in sync with the law requirements.

A lot of tech companies are innovating on a daily basis in order to succeed. A lot of investment and R&D is carried out before any invention. Thus, it is crucial to defend the investment with the help of a patent. At the same time, it is necessary to protect the patent rights once achieved.