The concept of ownership is something we all understand. Take real estate. The property is a house, a shopping center, a commercial building, or a farmland. You can touch it, walk on it, and live in it. Pretty simple concept. Property is something real, ergo, real estate.

An intellectual property is different. It usually starts out as an idea, takes shape, and becomes a book, movie, game, TV show, or something else that people read, watch, play, or otherwise recognize. The World Intellectual Property Organization (WIPO) defines intellectual property in this way:

“Intellectual property refers to elements of information or knowledge, which can be incorporated into[to] tangible objects at the same time in an unlimited number of copies in different locations anywhere in the world. The property is not in those copies but in the information or knowledge reflected in them. Intellectual property rights are also characterized by certain limitations, such as limited duration in the case of copyrights and patents. “

An intellectual property differs from real estate in several key ways. An IP is a product of the imagination, something very difficult to measure or define. An IP is easier to steal, hack, or just scam. In fact, certain countries in the world do not have intellectual property agreements across international borders, so you can buy a pirated copy of the latest blockbuster on the streets of Beijing today, BEFORE it opens in US theaters. USA

Like a house or other property, an intellectual property can be bought and sold. It happens every day. An intellectual property can be sold in bulk, stock and barrel, or sold in parts, which generally generates higher income for the owner of an intellectual property.

For example, the rights to a copyrighted book can be sold in many different formats: North American distribution rights, large print rights, single publication rights, single source rights, audiobook rights, copyrights. Movies: A copyright owner can sell various types of rights as long as the sale does not conflict with existing rights agreements.

“I have a good idea.”

The same goes for everyone else in the world, including my Aunt Tilly. But an idea is NOT an IP. You cannot register a copyrighted idea or register a trademark. In fact, if some other innovator comes up with the exact same idea as your brainstorming, there is nothing you can do about it.

An idea is NOT intellectual property. An idea becomes intellectual property when you apply work to it: write it, design it, describe it, code it, or in some other way, put some work on that idea. And the more work you put into your idea, the more intellectual property you own, an intellectual property that needs protection against theft or infringement.

That protection can take the form of a registered copyright, a patent, a license, a contract, or some other defining documentation that describes the parameters of intellectual property.

That is why it is essential to protect your idea as you give it more and more shape. You can register the copyright of a book or a movie. And as the copyright holder, you are the owner of that intellectual property, be it a book, video game, movie, webinar, seminar, or any other form of media. Without legal protection, your intellectual property can be left unprotected.

Do you know the famous smiley face, the one that is etched in all our brains? Well, the artist who created that ubiquitous icon never copyrighted the image, and over time that smiley face became public domain, meaning anyone can use it. Even an intellectual property attorney.

There is a jungle out there

If you are new to the concept of intellectual property but are in the process of creating one, that is, you are writing a book, coding a computer game, creating a website, or streaming a webinar, you need protection early in development. process.

The World Wide Web and all the attendant “new media” have created an insatiable demand for intellectual property. Today, an intellectual property, a good one, is almost like a coin. It can be traded, bought and sold, and can be used to build credibility and trust and generate income. And if it’s really good, that IP can generate a lot of revenue.

However, if you do not know the consequences of selling your copyright to a publisher, if you do not understand the difference between a trademark and a signature mark, if you are not familiar with unique serial rights, you can quickly find out that your IP it is no longer your IP.

Intellectual property law is a complex specialty, a practice of few lawyers. It involves a variety of means. It involves means of distribution, it crosses international borders in this global economy, it involves merchants, publishers, distributors, and even scammers. And if you are involved in the creative process, you are probably not even aware of the value of your intellectual property.

Also, you may not fully understand the risks associated with intellectual property, especially across international borders.

Seek legal advice in advance

Remember, an idea is just an idea. However, once you’ve developed that idea and worked on it, giving the idea substance, you need to protect it with a copyright, patent, or other legal document. You own something. But without legal protection, you can quickly lose that figment of imagination forever. Or end up in court for years fighting a wealthy IP publisher in no rush to settle.

As soon as you start shaping your idea into an IP, seek legal advice from an experienced law firm, a law firm that has extensive experience in IP management, IP development, and , most importantly, the protection of intellectual property.

The earlier you get legal advice during the development phase, the more secure you and your IP will be. Don’t take chances. This is your concept, your vision, your dream.

Consult with an intellectual property attorney and protect what is rightfully yours.

Protect your future. That intellectual property may be the next big thing, and it would be terrible to lose it.

Ask Harvey Ball. He created Smiley Face as a freelance artist. He gave away that million dollar intellectual property.