If you believe that you have invented something that will be sought-after in the industry you are operating within, you would be wise to gain a patent. A patent is a type of right that an investor can gain from the government. It allows them to have exclusivity when it comes to manufacturing and selling their new technology for a certain amount of time.
It takes a long time and a lot of planning to start a business. Whether you run a company offering services or have a great product to sell, you have put a lot of time and thought into your venture.
There are many types of intellectual property, and if you have created something that is unique, for example, a poem, a photo or a painting, you are automatically protected under copyright law. In addition, it is possible for organizations to protect their exclusive use of singular words, symbols and phrases by establishing a trademark.
If you work in the entertainment industry, it is likely that you are tasked with creating content, whether this is through the medium of writing, directing or the creation of sound. This creation will be unique to you and will be your source of income. However, ideas and artistic creations are relatively intangible compared to a physical commercial object.
A business typically will have many tangible assets like cash, products and property that are legally protected from theft. However, in addition to these tangible assets, there are many aspects of a business that are intangible but extremely valuable to both the company and its competitors.
As a business owner, much of your value comes from your intellectual property. Perhaps you have patents that protect a product that no one else is making. Perhaps you have a well-known brand that draws consumers in.