Intangible assets as Intellectual Property gaining great imp on global level

By Mehboob Inamdar

Aurangabad, April 25:

With the spread of Novel Coronavirus globally, the importance of intangible assets as Intellectual Property (IP) has attached great importance in the business field. The pandemic has not only forced many companies to adopt new ways of going about their day-to-day business, but it has also forced many to reassess the importance of their intangible assets.

Director of Intellectual Property Rights (IPR) Cell of Dr Babasaheb Ambedkar Marathwada University (Bamu) Dr Pravin Wakte said that the tangible assets include building, vehicles, equipment and investments while intangible assets do not exist in physical form and include things like accounts receivable, design, patents and goodwill.

He said that the demand for IP cover has been increasing every year as businesses become more aware of the threat to their IP.

“The World IP Day celebration on April 26 started by the World Intellectual Property Organization (WIPO) in 2000 to raise awareness of how patents, copyright, trademarks and designs impact on daily life and to celebrate creativity, and the contribution made by creators and innovators to the development of societies across the globe,” he said

April 26 was chosen as the date because it coincides with the date on which the Convention Establishing the World Intellectual Property Organization entered into force in 1970.

“COVID has accelerated a trend of a shift from tangible business models such as manufacturing to intangible business models such as selling or licensing IP rights and technologies. Those companies who have not realized the value of the IP within their business are now looking at how they can protect it,” he added.

Vice-chancellor Dr Pramod Yeole, who got two patents for his research and innovation during the last one and half years, said that the university is setting up a group of 25 professors to develop a research culture.

Bamu registers 47 IPs in 5-yrs

The professors and the university registered 47 IPs during the last five years. They got five patents, 10 copyrights, 28 were published in reputed journals and are waiting for a patient grant.

What is tangible & intangible assets

Intellectual property (IP) refers to creations of the mind, such as inventions, literary and artistic works, designs, and symbols, names and images used in commerce.

Tangible assets have a physical existence and can be touched and felt. They include both fixed and current assets. Few examples of such assets include furniture, stock, computers, buildings, machines, etc.

Intangible assets don’t have a physical existence and cannot be touched or felt. A few examples of such assets include goodwill, patent, copyright, trademark, company’s brand name, etc.