Increase in Awareness and Protection of Intellectual Property Rights

Introduction :

The term “intellectual property” refers to property created by the human mind and intellect. Intellectual Property (IP) governs any vital advancement of human knowledge, such as creative, intellectual, specialised, or logical development. Intellectual Property Rights (IPR) offer the originator the legal right to validate their creation. These legal rights grant the creator/producer or his administrator a restricted right to utilise his creation/item for a short time frame. Intellectual property rights (IPR) are crucial to the prosperity of a country. IPRs can help new businesses flourish, inefficient industries restructure, and innovative technologies be acquired and invented. Incorporation and development of new technologies, market structure to facilitate production and consumption, and the establishment of supporting institutions.

Importance of IPR :

Intellectual Property Rights (IPR) are becoming increasingly important in the context of emerging brands. As firms, particularly new and developing brands, navigate the competitive landscape, intellectual property protection becomes increasingly important for various reasons:

  • Brand Identity Security: Trademarks protect brand names, logos, and other distinguishing features. To identify oneself in the market, rising brands must establish a strong brand identity.
  • Protection of Creativity and Innovation: Patents protect new ideas and innovations by granting the inventor exclusive rights. Securing patents is critical for new brands that rely on unique products or processes to prevent others from duplicating or exploiting their concepts.
  • Anti-counterfeiting Measures: Counterfeiting is a big issue for many brands, particularly those that are growing in popularity. Robust trademark protection aids in the prevention of unauthorised use of brand names and emblems, lowering the chance of counterfeit products harming the brand’s reputation.
  • Market Competitivity: IPR can be used strategically to acquire a competitive advantage. Brands may build a distinct selling proposition that sets them apart from competitors by safeguarding their ideas.
  • Attracting Investment and Collaboration: When making investment decisions, investors frequently assess the strength of a company’s intellectual property portfolio. Brands with strong intellectual property rights (IPR) are more appealing to investors because they demonstrate a commitment to innovation and a readiness to protect valuable assets.
  • Legal Action: IPR creates a legal framework in which brands can assert their rights. Brands with adequate protection can take legal action against anyone who violate their intellectual property, whether through trademark infringement, patent infringement, or other means.

More and more social media influencers are contacting lawyers to preserve the intellectual property rights they have generated on social media and to negotiate better contracts with brands and agencies.

Content artists ranging from cuisine to beauty and also to fitness are using lawyers to defend their IP rights and negotiate contracts with marketers and other third parties on platforms like as Meta-owned Instagram and Alphabet-owned YouTube. Numerous social media influencers are approaching law enforcement because they believe numerous brands are exploiting their intellectual property rights. As remarked by Viraj Sheth, co-founder and CEO of Monk Entertainment, a talent management and digital media organization. “However, the majority of such influencers are still unaware of their rights.” According to experts, the awareness is not limited to preserving the influencer’s identity, but some of them are attempting to transform it into consumer brands, which has resulted in this trend.

Priyanka Khimani, founder of media and entertainment consultancy law firm Khimani & Associates, observed that Indian influencers are quickly catching up to the Western trend of protecting their intellectual property rights. “Influencers are increasingly becoming up-and-coming entrepreneurs, launching their own brands and product lines, or seeking equity participation to promote or invest in other brands and ventures. This is usually when they seek legal help,” Himank explained.

The increasing relevance of intellectual property rights (IPR) for emerging businesses is linked to their capacity to build a strong market presence, protect their inventions, and negotiate the intricacies of a competitive business climate. It is an essential component of a brand’s overall strategy for long-term growth and success.

Aditya Pratap is a lawyer and founder of Aditya Pratap Law Offices. He practices in the realm of real estate, corporate, and criminal law. His website is adityapratap.in and his media interviews can be accessed at http://www.youtube.com/@AdityaPratap/featured. Views expressed are personal.

This article has been assisted by Khushi Singh, a 3rd year law student pursuing B.A.LL.B. (Hons.) from NMIMS Mumbai.