Government has given rights to protect one's ownership interest in both tangible and intangible objects. Intellectual Property Rights (IPR) protects one's ownership interest referring to those of intangible objects.IPR refers to the rights that rise from the creativity of human mind.
Don't let your hard work spent on the idea be stolen by someone else. During the formation of the business, its better to protect your idea. In todays competition, it’s very easy to imitate or replicate.
Person X was a very clever, intelligent and outstanding person. He had an idea to start a new business which was supposed to be very innovative and would make high profits in the long run. He took the initiative to work on the idea but only carelessness was shown by not taking IPR for his idea. He shared his idea with his friend (Person Y) who was already a well known businessmen. Person Y copied the same idea and got it IPR. Soon he got recognition and success for the idea. When Person X entered the market to compete, Person Y filed a case against Person X for coping his idea. Person X was penalized in the case and also had to discontinue the business.
Note: The above stated story is a true story but the name of the companies involved is not disclosed due to authentication.
Take advice from One's Turn- Be cautious, your competitors are spying on you. Secure your ideas. Let your hard work pay you positively.
By
Ronak Desai
(Chairman – One’s Turn)
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