Intellectual property (IP) can be basically everything created with human mind. It is next category of property siting next to tangible property such as house, car or television.
Lets put these definitions away and say it in plain language – IP is „hidden“ in everything. For example in the expression of your ideas and creativity such as story, painting, blog, invention, software, brand, video, performance of music, new product design, process or pattern.
IP is the thing which carried human race and its progress until this day. It is thanks to our capacity of bringing new creations to live. And that is the most valueable and interesting thing about IP – that one simple creation can have a value bigger than the price of your house.
Therefore, IP is the essential thing for startups because IP is the most valueable thing they have.I mean, you mostly do not own buildings, factories, cars, millions of products and employees when you start your business right? But the things you mostly have are hidden within your intangible assets, your IP – the know-how or software for instance.
Intellectual property system reward those who create new innovations and bring them to society for their effort and time put in these. This way everyone can benefit from IP system. Society can have new creations and creator has reward and is therefore motivated to innovate more. Creation of IP brings value to the society and creator of IP.
Consequently, everyone is encouraged to protect and safeguard IP as it can grow with you and your business, to which it can give further value or bring it to next level.