Intellectual Capital vs. Intellectual Property – What’s the difference?

Intellectual CapitalMany people mistakenly use the terms of “intellectual capital” and “intellectual property”, being unaware of the significant difference between their meanings, so it is time to bring some light into the matter.

If we take after dictionaries:

  • Intellectual capital – asset or advantage developed using one’s mental capacity.
  • Intellectual property – possession or right developed using one’s mental capacity.

The difference between them may seem minor at this point, the common feature being more prominent: both of them are developed using one’s mental capacity. However, intellectual property implies ownership rights, while intellectual capital does not. The latter can be owned as well, but it cannot be patented, it does not have an associated legal ownership title.

But this is just the basic difference between the two. Here are some more:

  • Intellectual property is protected by the law– Most countries have adopted specific laws to allow individuals and companies to patent and register their innovations and inventions, the most popular forms of intellectual property. Intellectual capital is confined by the individual or company’s boundaries, and the only forms of protection available refer to the use of various combinations of discipline, secrecy, procedure, contracts, agreements, etc.
  • Intellectual property is more tangible than intellectual capital– The patenting of an intellectual property involves fully disclosing that property, providing relevant descriptions, drawings, prototypes, anything that clearly explains how the respective property works. These supporting documents make intellectual property relatively tangible, making it available for visualization and easier to understand. Intellectual capital is not supported by any documentations and is more intangible. It is often a complex mix of procurement standards, strictly controlled manufacturing processes, testing systems, labor skills enhancement strategies, recognition and rewards policy, all under a brand built throughout several years.
  • Intellectual property is an event while intellectual capital is a process– Intellectual property is usually the result of a research project with a clear goal, meant to conclude with a clear innovation or invention that can and should be patented. After patenting, intellectual property becomes static. Unlike it, intellectual capital is quite dynamic. The elements in the mix described above are subject to continuous improvements and upgrades. Intellectual capital is the result of a never-ending improvement process.
  • Intellectual property is tradable– Given that it is associated with an ownership title and tangible, intellectual property is tradable, rentable, leasable, it can be sub-let and even loaned. Intellectual capital is only relevant for the individual or company that has developed it and is not tradable.
  • Intellectual property has a life– While intellectual property patents cover a fixed time period, after which they expire and the intellectual property becomes public, intellectual capital has no life limits.

There are some other, less important features that differentiate intellectual property from intellectual capital, but the ones presented above should be more than enough to help you understand the two concepts and use them correctly, no matter the occasion or the specific of the discussion you participate in.

Understanding Copyright Infringement Damages in Protecting Your Original Work

copyright infringement damagesCopyright infringement is an increasing issue since the mid-1990s. A number of artists, authors, musicians, and creators of original works are struggling in terms of checking, identifying and protecting their copyrighted works from blatant intentional infringement and unlicensed third party use. Filing for a lawsuit for copyright infringement is advised if you found out that someone used your work without approval from you.

With that, there are things you have to consider before you proceed in filing a lawsuit. First, you have to provide evidence that the product in question belongs to you. Another thing is to have a proof that the accused had really copied it. While registering your work is not really important for you to submit copyright infringement, however, doing so is vital on your part in order to formally file a lawsuit.

It’s difficult to prove a copied work, however, circumstantial proof can be of great help. If an individual has access the work of another individual and there is a similarity between the works, then that can be qualified to copyright infringement. The question of infringement will be dealt by the court and not from copyright office.

If copyright infringement is proven in a case, a complaintant can top for several remedies. Statutory Damages and Actual Damages are the two sorts of Copyright Infringement Damages. While the law protects creative works, but it includes more ground of protection for authorized works. In that sense, possible damages are computed according to these cases.

As a complaintant, you are presented the opportunity to pick your claim between Actual Damages or Statutory Damages if you registered your copyrighted work before the act of infringement. If the infringement is performed for an unregistered work, then you are able to submit a claim for Actual Damages.

copyright infringement cases

Many claimants in infringement cases choose Statutory Damages over Actual Damages since the former can be computed easily and is higher than the latter. The law already set the amount of damages; neglecting the exact damages that a plaintiff has endured. The court is considering some factors on the amount of damages to be awarded to the complaintant. The profit that the infringer has acquired from copyright infringement or the proven economic loss experienced by the complaintant are the only things to be calculated in Actual Damages. However, the plaintiff must prove the exact amount of Actual Damages to the court before they can acquire it, which is not a simple move to make.

Understanding the basic of computing damages for copyright infringement is difficult as 1, 2, and 3. Many things will be included just to be aware of the right of an individual under copyright law. Perhaps it would be best to talk to an attorney the moment that you find an infringement of your work. When you are fighting for Copyright infringement Damages, rest assured that a competent lawyer will assist you with the necessary things you should do. With the help of your lawyer, proper analysis of possible damages regarding this case is attained. In addition, the legal professional will update you with the status of your case and will let you know the strength of your case. This is a very important thing in figuring out the next legal action to take.

Why You should Conduct An Intellectual Property Valuation Audit

Intellectual properties are essential for every company since it helps them stand out from their competition, which is the explanation why business people protect them. The income of the company could increase due to the intellectual properties, but they have to extract its value first. However, it is not simple to assign a monetary value to an intangible asset like the intellectual property. This is very complicated and time-consuming that is why companies often give the intellectual property valuation to a consulting firm.

To get the correct value, the valuation analysts need to look for information about the invention first. This will help them in developing a financial model, which will be used to determine the value of an intellectual property. In order to valuate an intellectual property, different methods can be used. However, most analysts opt for the economic analysis approach. When opting for economic analysis, the valuation analyst makes use of three different techniques. These are market, income, and cost.intellectual property valuation and royalty determination

For the cost approach, the value of the intellectual property will be based on the total cost used upon its development and recreation. The income approach is used to set a value to an intellectual property based on its capacity to increase revenues in the future and/or its ability help the company in reducing cost. If the IP already has a pre-existing and active market, then the analyst will use the market-based approach.

In case of bankruptcy, merger, or acquisition, the deal would always consist of the intellectual properties and all the other intangible assets. Through the intellectual property valuation, the business can ensure that the value of their intellectual properties is accounted clearly on their books. They can also utilize this for tax planning, collateralization, and as back up in case they got involved in litigations.

The valuation activity is quite difficult that is why an analyst must be highly knowledgeable on intellectual property laws and economy. The analyst should also know about the business by heart. It will be simpler for them to figure out the factors that affect the intellectual property s value.

Consulting firms with outstanding reputation have a group of experienced analysts with extensive experience in the courtroom and offering intellectual property valuation. They will make sure that their client s intellectual properties are secured by preventing infringement from causing irreparable damage to the company. Preventing any litigation connected to intellectual properties is more beneficial for companies. But, the intellectual property lawyer will diligently study your case if litigation is inevitable. They will also help clients make an intelligent choice by providing information and expert advice.

New business opportunities, higher earnings, and high regard will come to the company with the help of their intellectual property. There are a number of laws that cover intellectual properties, and the intellectual property lawyer knows how to use them to their client s advantage. Before employing a lawyer, businessmen should ensure that he or she has great credentials with extensive experience. This will ensure that the lawyer can deal with the work at hand.

Defamation Damages and the Things you can Do to Defend Yourself

Many people experience defamation each day. Instead of taking action against it however, most would simply let it pass without doing anything. They believe that disregarding the problem will make it stop. But this is not the ideal action to take.

Defamation is stating something that is not true, damaging the reputation of a certain individual, company, or brand name. One can sue the party who is accountable for the defamation damages. He or she can either file for libel or slander.

If you have been harassed through written words such as false claims made online, then you can file the person libel. Slander is filed for defamation done by way of distributing rumors that are not true or had never happened to the accused person. There are certain steps that you should complete, and things to consider before you can file for either libel or slander. Remember, a defamation claim is only accepted when the person, company, or organization filing for the charges have value on their name.

It is important that the plaintiff must be able to show some proofs that great loss has been acquired because of false claims. The process for the case hearing will only begin once the court has given authorization for the defamation case. Now, if the accused is shown guilty of defamation, charges will be charged and will pay for the defamation damages.

defamation damages cap

If the defendant could give strong proof that could support his or her claims, then the plaintiff cannot file for chargers. In addition, a charge cannot be filed if no one believes the fake rumors being spread. But if the malicious false were not real but have cause damages to the plaintiff, and the plaintiff has shown all of it, there will be no charges for that.

Moreover, there are other defenses the defendant can make use of against a defamation charge. Another example is whether the defamatory action or statement was communication. In case the defendant only penned the rumor on his email but did not show it to others, charges will not be imposed.

These are the purposes why you need to verify both sides before filing a law suit, and ask for payment for the defamation damages you have experienced. It is also sensible to ask assistance from a competent lawyer so that you will be guided properly.

Make certain that the attorney you will hire has already handled many cases involving defamation. You also need to be ready for the case so that no matter what the other party will claim against you, you already know what to do. Only a competent defamation legal professional knows how to work past these defenses. Moreover, you need to assess defamation damages in order to have the right compensation for your losses.

If you encounter any type of defamation recently, may it be written or spoken, it would be best to seek the guidance of a legal representative especially if you already had great losses because of it. Talk about the options you have with your legal professional so that you can take the necessary actions right away.

For further reading on defamation damages, check out Nolo Press.