Why we need intellectual property [FAQs]

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Last updated : Aug 9, 2022
Written by : Bibi Hillabush
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Why we need intellectual property

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Why we need intellectual property

Comment by Elden Elquist

what is intellectual property and why do I care is something that I get asked all the time after I finish explaining what intellectual property is a lot of people just right away they say hey I've got ideas but I don't have any intellectual property so intellectual property is more than ideas intellectual property is trademarks copyrights trade secrets and patents most people have heard of patents but just an idea by itself is not a patent is not a trademark is not a copyright your ideas might be secrets so you need to keep them secret until you can figure out what they are so why do you care because companies values projects values inventions values are in that intellectual property most companies in the US and the EU have almost half of their values so if you look at something like coca-cola their market value is a hundred billion dollars but then if you looked on their actual hard assets on their balance sheet what they actually have paid for owned you know right sitting right there on their balance sheet that's about 40 billion that difference is their brand their trademarks their goodwill their intangibles it's their intellectual property so that's why you should care about intellectual property because it is very very valuable so what you need to do is you need to figure out what your intellectual property is so you don't lose it we have lots of examples of people toiling away you might work for company X and you on the side you're coming up with this great idea this great invention only to find out later oh wait I don't own that I actually signed an employment contract with company X that said that anything that I invented they owned so people will lose their intellectual property if they don't understand what it is and so you need to care because you don't want to lose something that you work for a couple of years on the other side is you need to know what intellectual property is because you might be accidentally infringing on someone else's intellectual property for example you create a crowdfunding campaign you go out and you grab a song off the internet and you've put it in the background of your video cool video potential infringement suit and you know if you grab clips from movies for those of you who watch right at the end there is a basic warning that tells you that a copyright violation if you're charged is $250,000 a violation nobody wants to do that so you need to make sure that you understand intellectual property because it's not just Apple and Samsung who are arguing over this it's in everybody's business so make sure that you know what intellectual property is and get informed so that you can keep your company's value you

Thanks for your comment Elden Elquist, have a nice day.
- Bibi Hillabush, Staff Member

Comment by psiconautamd

Thanks for this interesting article

Thanks psiconautamd your participation is very much appreciated
- Bibi Hillabush

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Why we need intellectual property

Why we need intellectual property