Introduction of World Intellectual Property Day
The world is full of geniuses and their innovations that created a mark in the hearts of customers. The generation of ideas requires a lot of brainstorming and hard work. Introduction into the niche market for commercial purposes is the next challenge.
What happens when a business idea is stolen and used to generate higher profit than the original owner?
If you answered that, the owner would lose his cool and sue an enterprise for theft. You are correct.
But, will the complaint be valid in the court of law and addressed?
We will tell you the answer. Such complaints may or may not be actioned as it lacks evidence. The shreds of evidence that can help the victim recover damages are the intellectual property rights.
Intellectual property rights are the rights that are applied and used for securing original ideas from being misused by another person or entity. Let us share some more information about a day dedicated to promoting awareness about Intellectual Property Rights.
World Intellectual Property Day 2022 Date
When is World Intellectual Property Day 2022?
World Intellectual Property Day for the year 2022 is celebrated/observed on Tuesday, 26 April.
World Intellectual Property Day dates for the years 2022, 2023, 2024, 2025, 2026 and 2027
|2022||Tue||26 Apr||World Intellectual Property Day||United Nations observance|
|2023||Wed||26 Apr||World Intellectual Property Day||United Nations observance|
|2024||Fri||26 Apr||World Intellectual Property Day||United Nations observance|
|2025||Sat||26 Apr||World Intellectual Property Day||United Nations observance|
|2026||Sun||26 Apr||World Intellectual Property Day||United Nations observance|
|2027||Mon||26 Apr||World Intellectual Property Day||United Nations observance|
History of World Intellectual Property Day
World Intellectual Property Organization(WIPO) lends permissions and promotes the protection of creativity; reviews and promotes the encouragement of new ideas. On April 26, 2000, WIPO declared World Intellectual Property day(WIPD). The day is an indicator of WIPO's assurance to protect innovative product and services ideas from theft and thrive towards moral and equal opportunities.
Significance of World Intellectual Property Day
It is a day dedicated to promoting and encouraging innovators and creative professionals to welcome more creative designs into the world. Intellectual property is the intangible value of an invention or innovation. Below are the common types of intellectual property rights.
- Copyrights – It is one of the intellectual property rights that restricts the creator's artistic or literary work to himself.
- Patent – This is another right of the creator that lets him regulate third party selling, marketing of the original product for a period of 20 years.
- Trademark – This is an intellectual property right that differentiates the product of one enterprise from other enterprises.
- Trade secrets – A trade secret is the confidential formula of a company's original products or services. Rights are granted to save such secrets from competitors and continue functioning in the niche market.
How are Intellectual Property Rights Useful?
Money generation: Intellectual property rights protect an inventor's ideas from duplication. Therefore, a creator can utilize the opportunity to use his product for commercial purposes, such as selling it to PLR companies in exchange for monetary benefit.
Earn market share: Budding entrepreneurs with good ideas often lag behind in market share and profit margins because of an absence of brand name familiarity in customers. Start-up companies that merge or partner in acquisition can promote their products and services, which will help in being noticed in the market. When a company is noticed, more customers are attracted, leading to building trust in brand and profit.
Earn Reputation: Customers often connote good products with brands, logos and trademarks. Therefore, when a new creative product is flourishing in the market, the enterprise automatically derives goodwill and brand familiarity.
Easy Funding: Few National governments provide credit facilities to the organizations with acceptance of intellectual rights as collateral. This benefit allows businessmen to build and expand functions in various fields.
Business overseas: Business in other countries promotes expansion and access to marketing techniques from different regions.
Patented products can be exported and yield a higher market share on a global level.
Personal recognition: Intellectual property rights let the ideas be shared with the world because of the assurance to prevent duplication and unauthorized use of data for monetary benefit. When the world recognizes an individual's ideas, it acts as a catalyst to the success of the idea generator and creates more demand for his talent.
Disadvantages of Intellectual Property Rights
Registration Fee: The initial registration fee for owning an intellectual property right is high. The involvement of a lawyer in filing makes the process even more expensive. Also, the creator's time is consumed for following a step-by approach for acquiring ownership of intellectual property rights.
Piracy: Though intellectual property rights are granted to regulate and protect creativity, there is always a risk of others illegally using it for their own purposes.
Short Term Validity: As time passes by, the value of IPs reduces, thus making it a short-term investment to protect innovative ideas.
When is World Intellectual Property Day Celebrated?
April 26 is dedicated to the observation of the imperative role of intellectual property rights to everyone for an innovative lifestyle.
How is World Intellectual Property Day Celebrated?
Intellectual property rights play an important role for a business to stand out from the rest of the niche competitors. Information related to such rights must be circulated around the globe so that the budding entrepreneurs can save themselves from being a victim of plans theft.
Intellectual property day justifies the above intention as activities such as online conferences, social media posts and literacy events at management departments and academic levels are carried out on April 26.
Few of the common events include virtual workshops, webinars broadcasted in media channels by established as well as new entrepreneurs and subject matter experts.
- Infringement of intellectual property rights has legal actions attached to it. People who infringe an idea generator's work can be sued if the owner wishes to recover the cost of damages.
- Copyrights in India apply to Literary, Dramatic, Musical, Artistic works, motion-picture films and Audio recordings.
- A Design patent is a right granted to protect the design of an item. Design patent is a charter to the proposer of shape, design and other elements of an item. With the evolving technology, the application of design patents has been extended to software organizations' user interfaces.
- A trade secret can be protected without registration unless it has a threat to be discovered by competitors within the industry.
- World intellectual property organization(WIPO) is located in United Nations. It has 193 member states.
- A service mark is a symbol that separates a service of one organizational product from the other enterprises. It is often misunderstood with trademarks. A service mark represents a service, whereas a trademark represents a product of a company.
- The basic principles of China National Intellectual Property Administration (CNIPA) are independent protection, Minimal protection standards, priority, transparency and public interest.
- Start-ups Intellectual Property rights(SIPP) is an initiative of the government of India to secure and promote intellectual property rights and innovative ideas of start-ups. The registration fees will be reimbursed after the submission of a claim form. The central government reimburses the amount through respective IP offices.
- Non-profit organizations have the tax exemption benefit. Non-profit organizations have the opportunity to get intellectual property rights for securing the original work of the goods and services. When others use the original information for commercial purposes without permission, the tax benefit may be revoked. Therefore, it is important to seek legal advice if unsure.
In simple words, one must be aware and sure to get IP rights for product and service inventions to establish one's own brand name in the competitive world.