Did you know? Every individual owns 10 times more property then what he/she thinks actually have!!!

Intellectual Property protection is critical to fostering innovation. Without protection of ideas, businesses and individuals would not reap the full benefits of their innovations or inventions and would focus less on research and development. Indeed, most people are not even aware that they own intellectual property. They assume only large corporations with profitable names; logos and brands to protect are the only ones who really possess a need to safeguard intangible assets. But basically anything that is written visually created and unique to an individual is intellectual property which means that millions of individuals own more than they believe.

According to WIPO (World Intellectual Property Organization), "intellectual property (IP) refers to creations of mind: inventions, literary and artistic works, and symbols, names, images and designs used in commerce". Intellectual Properties are divided in to two categories, which includes industrial property and copyright. And both are equally as valuable since the ramifications of not protecting these assets can be serious. To better understand, these WIPO since its inception has resolved to declare World IP Day on 26th April. The credible face of incredible India is often reflected in IP creation protection and management. Today Intellectual Property is not remained as individual property, but considered as industrial property and international property as well. India has taken initiatives to legally and strategically protect this valuable property to offer more benefits to the industries and creative ideas in the form of reward or recognition.

Article credits: Prof. Santhosh Prabhu Assistant Professor,SDM Law College.