Intellectual property rights and entrepreneurial venture-Some reflections

Any successful business has an element of IP (intellectual property) (be it a trade mark or a patent or an industrial design or a copyright) as part of its successful business strategy. Realizing the role of IP and identifying the same in the business will help in protecting the same, before the opportunity to avail protection under the law lapses or before the IP becomes generic. Hence, realizing IP creation should be an important strategy in business. Once the IP asset is identified, evaluating the same vis-a-vis the provisions of applicable law as to their legal relevance, term of protection etc needs to be understood and efforts made to protect the same under relevant law should be activated. The cost of creation, protection in territories where the business lies and enforcement of IP can be substantial for an enterprise. Hence the cost associated with such an ongoing exercise needs to be budgeted and evaluated. Protecting the IP asset from falling into public domain or in getting communicated without ring fencing the same against unauthorized communication needs to be enforced. Creating awareness about IP with employees, consumers and other stakeholders goes a long way in preserving the identity of IP asset.