“A business is a strange combination of having real and intangible assets both. Intangibles are so potential in themselves, that it can guarantee exponential revenue and profitability alone.”
Intangible can be referred as Patents, Designs, Logo, Copyright, Trade Mark etc. These all makes any organization exclusive from others.
If we talk about tradename or logo almost every product is associated with a name itself. Like Burger with MacDonalds, Burger King etc., Cosmetics with Garnier, Loreal, Lakme etc., Baby products with Jhonson & Jhonson, Mobile with Samsung, Apple etc. Electrical appliances with LG, Bajaj Etc., Fans with USHA, Khetan etc. Camera roll with Kodak. These all are the perfect example of brand name and its significance in business industry in terms of Demand & recognition of the product in an exclusive manner.
Similarly when it comes to invention (of a concept or an idea) or creation (of artistic and literary work, design etc.), It is something original and exclusive and obviously it need assignment of ownership and its protection too.
Invention are protected and assigned ownership under legal term Patent
Trade name or logo are protected and assigned ownership legal term Trademark
creations are protected and assigned ownership under legal term Copyright, Design
The basic purpose behind registration of intangibles are ;
- Assignment of Ownership
- Prevention of unauthorized use by others.
Intangibles not only assigns a unique and distinguish identity but at the same time generates revenue too by transfer of usage rights. Transfer of usage rights not only become source of revenue for organization but it also makes it going global. For business it is neither technically feasible nor financially viable to mark its own presence everywhere, so just by assignment of usage rights, its your name which operates there although physically your organization is not present.
Patents are used for protection and assignment of ownership to inventions. The etymological meaning of Invention is ” something that has never been made before, or the process of creating something that has never been made before”
When such a unique thing is made or discovered, use of its by others is warranted for growth and development of mankind, infrastructure, technology or society at large and it is possible only when its creator gets the right to use himself and further let use others for some rewards obviously. It is possible only when some system of such kind is in place and Patent system works on that postulations only.
Same is the story of Copyrights and designs too. Artistic and literary work are the reflection of someone’s creativity and its ownership right as well as prevention of its unauthorized use by someone else is again warranted.
The registration of intangibles are administered by “Intellectual Property India” and the entire process is online through electronic mode itself. Means no need to make physical contacts with Offices and one can apply for registration of its intangible from his office space itself.
For any sort of registration related Enquiry and assistance.