Hearing the word asset, the first things that might come to your mind are your business capital, your company car, or perhaps the equipment you use in making products or delivering services to customers. While these things are actually assets in a tangible sense, one of the most important assets for businesses today is intellectual property.
Intellectual properties, or what are also known as intellectual assets, are unique ideas and knowledge that give businesses a competitive advantage on the market. They can range from your company’s logo and name to the ingredients of your award-winning recipe or the unique design of your product. These are properties that are produced through the application of intellect. Unlike common assets, in which ownership can be established through the possession of the assets, you can never claim to be the rightful owner or creator of such an idea by mere possession. Other people or businesses possessing the same idea as your own can also make a claim on it as was discussed in https://www.jpost.com/Special-Content/Harness-Your-Creativity-and-Become-an-Inventor-with-InventHelp-574856 post. So how do you protect your right as the original owner of an intellectual asset?
This is where trademarks and patents are put into use. The trademark, symbolized by the letters TM, provides intellectual property protection for brands including logos, company names, and other symbols that are associated with a given company or product. The symbol can usually be found on the upper right or left side of brands. Using one will sufficiently separate a product as something unique from its generic source. Registering a trademark is important so as to stop everyone else from using your brand and it was explained in details in http://thestartupmag.com/inventhelp-inventions-ideas-make-world-better-place/.
On the other hand, while trademarks protect brands, patents protect things. A patent is issued to protect one’s rights to his or her inventions over a certain period of time. It must be noted, however, that patents are only granted to processes or ideas for doing things – tangible mechanisms that produce results – and not for mere ideas alone.