World IP Day

World Intellectual Property Day is observed annually on April 26. The event was established by the World Intellectual Property Organization (WIPO) in 2001 to raise awareness of the role of intellectual property in our daily lives, and to celebrate the contribution made by innovators and artists to the development of societies across the globe. April 26 was chosen as this was the date on which the Convention Establishing the World Intellectual Property Organization entered into force in 1970. This year, in 2010, the theme is “Innovation - Linking the World.” On world Intellectual Property day 2010, it is again time to remind ourselves that:

Intellectual Property is an asset – An asset is something that puts money in your pocket. Protecting your IP is like protecting your land, cash, or jewellery. If you don’t invest in protecting it, it can be lost or stolen.

IP is intangible, but most valuable – You cannot touch or feel your Intellectual Property the way you can touch your building or furniture, but products of the mind based on creativity and innovation create maximum value (70%-85% of the value of corporations, depending on which report you read) for businesses worldwide.

The IP system is not only for inventors or innovators – If you have a technology or business problem and you are looking for an innovative solution, someone else anywhere in the world might have already devised a solution. Moreover, that solution might be published in a patent document and searchable on an electronic database on the internet. If it is not protected in your market (country) of interest, you can use the solution for free.

Even a simple non-technical idea can lead to a valuable patent – You need not be a domain expert in a particular technical field to come up with a breakthrough invention. If you think differently from how a typical person from that field would think, you are more likely to arrive at a non-obvious invention that will make a product more commercially viable.

You do not need to commercialize your invention yourself to monetize it - You can take the assistance of domain experts, designers, investors, mentors etc. There are companies to whom you can even outsource your prototype development, and government funds are available. However, before you can partner or collaborate with these people, you have to protect your rights so that can focus on sharing, developing and marketing without worrying about your rights being stolen.

IP is not just for the lawyers or legal department – IP is first and foremost an asset and IP rights are first and foremost a business tool. Trade marks enhance the uniqueness and exclusive value of brands and prevent dilution. Patents provide competitive advantage and increase profit margins. Business, technology and finance persons need to understand the basics of the IP system to leverage it, and not just leave all IP related decisions to the legal folks.

IP is a great career – A career in Intellectual Property is intellectually stimulating, challenging, as well as rewarding. People with a technology, business, or legal background can switch to a full time career in Intellectual Property, which requires skills from all of these. The demand for IP experts is rapidly increasing, and there is a shortage of qualified and experienced professionals who can deliver. IP related jobs are available in companies, outsourcing, law firms, and consulting firms. There is also scope for entrepreneurs to enter this developing field and create value.