Video: What is Intellectual Property?

Welcome to Speak Like Shaf – it’s my brilliant series shown exclusively on my very own YouTube channel. There’s not much I don’t know about business, so if you are a bit baffled by business buzzwords, I’m here to explain them to you in a no-nonsense and accessible way. And don’t forget, my YouTube channel is completely free! I don’t want anything from you except for you to hit one button…that’s right, the subscribe button! OK, back to Speak Like Shaf. Today we are going to be looking at intellectual property and what it means.

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Let’s clear one thing up. Intellectual property isn’t a term for extremely clever houses. As much as smart home systems can do for us, they don’t fall under this bracket! No, to put it simply, intellectual property refers to things that come from the mind. Inventions, designs, artistic and literary works, things you make or produce, and the names of products and brands are all examples of intellectual property.

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So if IP comes from the mind, it would be impossible to steal, right? After all, it’s not like you can break into an office and steal a logo, can you? Not quite. Logos can be copied, designs can be tweaked, names can be nicked. However, thankfully IP is protected in law through methods such as patents, copyright and trademarks. This means that the people who came up with the ideas can be recognised and paid for their work, inventions or creations.

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If patents had been around in the Stone Age, I know someone who would have been at the front of the queue to get one. Meet my caveman pal, Rab The Rock Star. He was the world’s first entrepreneur when he set up his own business that designed and made tools for his pals to hunt with. Rab was a pretty poor hunter but had a great business brain, he is often referred to as a prehistoric Steve Jobs. Rab’s Business  turned flint and sticks into impressive spears and bows and arrows. Those poor deer and mammoths soon stood no chance! Rab’s business took off and others started trying to copy him. If only he had been able to patent his design, they wouldn’t have been able to. Thankfully, none of his rivals were as talented as Rab and their tools just weren’t up to his standard so his business didn’t suffer as a result of the competition.

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Intellectual property laws mean that creativity can thrive and inventors know that their innovations can’t be copied by any old onlooker. Of course, IP can be sold and then the original rights holder would lose those rights – but they would have been financially rewarded for giving them up, just like any other business transaction.

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I hope my explanation of intellectual property has interested your intellect and don’t forget, there is plenty more business help and advice on my YouTube channel. It goes without saying that my YouTube channel is intellectual property but it’s not the only experience of property I’ve got. Check out my channel for more details and don’t forget to catch next week’s Speak Like Shaf.