Importance Of Protecting Intellectual Property

Importance of protecting one’s intellectual property

Intellectual property is critical to many companies in order to foster innovation and boosting their revenues. Many industries rely on the protection of patents, trademarks and copyrights as they are valuable assets for companies’ success. By protecting intellectual properties, it ensures that the original owner reaps full benefits from his/her ideas, features, products and creations.

Prevent and stop others from using you Intellectual Property:

Firstly, with laws to protect intellectual properties, it prevent and stop other companies from commercially using the protected intellectual properties in the marketplace, allowing the owner company to control the usage of their original trademarks and unique features of their products, thus keeping them at the competitive edge of the market.

Marketing:

Next, marketing of one company’s product is firmly dependent on its brand image, which means, if unprotected, it makes it difficult to advertise and promote the brand and products due to imitation by competitors. This might result in consumers getting confused on whether the product they purchased is the original product or the imitation. In some cases where consumers were deceived the imitation for the real product, they leave a bad impression on the brand resulting in loss of profit for the company.

Determining the value of product:

How much a product is worth depends on the brand or trademark recognized by consumers in the market. Two similar products with different brands may have a huge difference in their pricing because of their brands or trademarks. Both products may have been created with the same quality of materials, but one may be more expensive due to its brand name. Ther...

... middle of paper ...

...aming their business “Kricket”. GSM Cellular even misused Cricket Communication’s trademark and logo by imprinting the latter’s Intellectual Properties on signs, banners, posters, retail displays and store vehicles.

Cricket Communications Inc. was aware and has been placing GSM Cellular on notice for their actions of infringing the Cricket Communications’ intellectual property rights, their legal counsel took a further step and attempted to resolve the dispute by issuing letters to GSM but was ignored.

GSM Cellular also committed series of IP infringement laws such as unauthorized sales of Cricket products, initiated unauthorized activation of phones on the Cricket wireless network and fraudulently receiving payments meant for compensating Cricket Communications Inc. Eventually, Cricket won the case and was compensated $78,000 in attorney’s fees from GSM Cellular.