| It's not easy to think about ideas as property, but
for some businesses it's vital. Most of us have had an
idea for a new product or service only to dismiss,
postpone, or neglect it. Sometimes we later find that
others had the same idea, but took it to market before we
did. By that time, it is too late for us to take
advantage of the idea. Ideas are relatively easy to
come by, but inventions are more difficult. It takes
knowledge, time, money, and effort to refine an idea into
a workable invention, even on paper. Turning an invention
into an innovation - a new product accepted by the
marketplace - takes a lot of effort and a little luck.
There are substantial barriers in the path of those who
pursue innovation. Overcoming them requires careful
planning and plenty of input from others.
Hundreds of thousands of inventors and innovators file
each year for protection under U.S. patent, trademark and
copyright laws. However, it can be hard to decide which
of the three vehicles is most appropriate for the
protection of a particular invention. Although a single
product or service may require a patent, a trademark, and
a copyright, each category protects a distinct aspect of
a creative work or expression.
Patents, copyrights and trademarks, as well as
know-how or trade secrets, are often collectively
referred to as intellectual property. Many firms have
such property without even being aware of it or of the
need to take measures to protect it.
Many people's notions of intellectual property are
unrealistic. Some believe, for example, that simply
having a patent on a product will enable one to succeed
in the marketplace. Consequently, they may spend
thousands of dollars to obtain the exclusive rights to
market something that no one wants or can afford to buy.
Others may decide that intellectual property protection
is not worth the trouble.
People who may not be interested in protecting their
own rights must still take precautions to avoid
infringing on the rights of others. This calls for more
than the avoidance of copying. Some copying is
unavoidable; but one can easily infringe on the rights of
others without deliberately imitating specific features
of goods or services.
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