Why Intellectual Property is Important to the World Economy


Intellectual property can be extremely useful to your business, and while it may just seem like a task at first to set up trademarks and service marks or to go as far as creating copyrights or patents, in the future, such work could prove to be extremely valuable – and so much so that if anyone were to steal your branding or innovations, you would need to take legal action.

No matter how new or how established your business is, you may be engaged in creating logos, letterhead, slogans, and more, all to be registered with the United States Patent and Trademark Office (USPTO). That goes for both trademarks and service marks, delineated between registering the symbol that familiarizes the public with your product, and the services that you offer.

If you have been involved in creating copyrights (to be registered with the U.S. Copyright Office) or patents (to be registered with the USPTO), this could be an integral part of your business also as innovative new designs could be helping to further your own processes or manufacturing and what you have to offer your customer base—but could also soon be in demand by others—around the world even.

Intellectual property does in many ways drive a large portion of the economy, beginning at your local level and contributing throughout the country and in some cases internationally; in fact, businesses that own and produce intellectual property ‘intensively’ tend to employ more people, grow faster, earn more commercially, and pay more to their employees.

Today, the US intellectual property worth is close to $6 trillion, and that is higher than every other country. Intellectual property is also responsible for 74 percent of all US exports. Protection of any intellectual property that you own can be critical—including making sure that you have solid agreements with any independent contractors who may be working for your company and helping you to create new IP.

Although intellectual property is technically owned by you as soon as you create it, registering with the proper entities allows you greater legal protection should you need it. This is a legal area that can be complex, however, and whether you are dealing with IP issues or other complexities in your business, consult with a skilled legal professional as soon as possible.

The Bolender Law Firm can assist you in all intellectual property matters. Call us at 310-320-0725 now or submit an easy consultation request online. We are here to help!

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