Once upon a time there was an idea… a beautiful, lonely, partly crazy idea in the mind of an inventor, who followed their dream and against all the advice, succeeded!#
Our world is driven by ideas and innovation, and industrial property stands as the hero - protecting, safeguarding and empowering creativity.
As a core part of intellectual property (IP), industrial property protects new ideas which turn into inventions, defends distinctive signs which are badges of origin and safeguards beautiful design creations - but it goes further, also protecting, as an example, region-linked product reputations.
While often overshadowed by copyrights and unfair competition, industrial property protection is rooted deeply into the foundations of commerce, ensuring that inventors and businesses can exploit their inventions and distinctive signs on the market.
From a legal point of view, industrial property refers to a category of IP rights that includes Patents, Trade Marks, Industrial Designs, Geographical Indications and Trade Names & Commercial Signs. Each of these rights form part of a company’s commercial identity and competitive edge, and may represent a significant economic benefit in the marketplace. At the same time, they drive scientific progress and play a crucial role in fostering innovation. By granting exclusive rights that can be monetized, industrial property incentivises research and development, encouraging companies to protect their innovations and recover investments in new technologies.
Industrial property rights also play a major role in boosting competitiveness: market players must differentiate themselves through their names and logo (trade marks), as well as the goods and technologies they offer (designs and patents), in order to foster consumer trust and build brand loyalty. Industrial property is also a big facilitator in technology transfer. Patents, trade marks and designs can be licensed, sold, or used in joint ventures, encouraging knowledge-sharing.
For businesses, policymakers, and innovators alike, understanding and leveraging industrial property is not just an option but a strategic choice.
Of course, every rose has its thorn: despite its great benefits, managing industrial property is not without challenges.
Our world is globalized and interconnected by international trade, meaning protection across different jurisdictions might be complex and costly. Furthermore, not all jurisdictions provide the same level of protection: the weakest of them are de facto allowing illicit copying, especially in emerging markets. Plus, it’s not always easy for a company to find the right balance between what should be protected and what is left for public access, the speed in technological development is making the life cycle of a product even shorter and the pace of innovation outstrips traditional IP systems, requiring ongoing adaptation.
And of course we’re now moving into a new era where artificial intelligence, 3D printing and digital platforms are playing an increasingly important role: industrial property law is at a crossroads. Questions such as how should IP offices handle and evaluate machine-generated inventions and how will traditional trademarks survive in a metaverse economy are already being asked.
These questions call for a forward-looking approach to IP regulation that remains flexible, fair and harmonized globally.
Although industrial property may not always make headlines, it impacts our everyday life: just think about the coffee machine you used this morning to make your first coffee, the digital screen you used to check on the breaking news, the car or bicycle you use every day for commuting…
In summary, industrial property is not just about legal rights – it’s about safeguarding ideas and innovation. In a world where technology evolves faster than ever and new challenges emerge daily, having the right IP protection in place is not an option, it’s a necessity.
At Murgitroyd, we partner with inventors, businesses and policymakers alike to navigate this complex landscape - aligning their strategic goals with industrial property outcomes. Get in touch today to find out how we can help you.
