Ohio businesses may be interested in learning about the growth of intellectual property. There are three major forms of power that a business’ leverage comes from: physical power, tangible objects and intangible objects. Physical power and tangible objects have historically been prized by companies, but in recent years, intangible objects have seen a larger market share. This means that companies also need to protect their intellectual property. Studies showed that by 1997, almost 73 percent of a company’s assets were usually intangible, up from 20 percent in the 1970s when most business litigation involved physical assets. Intellectual property used to be something held only by large corporations, but now, it can be held by small corporations and individuals.
Developments with Internet technology and other computer technology have also enhanced the power of intellectual property as have digital assets such as websites and other multimedia assets. Even companies that do not have a large amount of intangible assets will need to protect their assets, and intellectual property should include both the development and the acquisition of intangible property.
Small businesses will need to have an intellectual property strategy in place so that they can retain their value on the market. Intangible assets have both a positive side and a negative side: It is beneficial to those who have them, but it is rapidly becoming more difficult for companies that do not have intangible assets.
Small businesses and large businesses alike often require business and commercial law attorneys to protect their intellectual property. Protecting intellectual property may be more complicated than protecting physical property because of the way intellectual property functions. A lawyer may be able to help a business determine whether intellectual property has been infringed or help construct an appropriate intellectual property strategy.
Source: Forbes, “What Does Your Intellectual Property (IP) Strategy Look Like?“, Jim Blasingame, July 15, 2013