intellectual property are a common form of legal IP protection for those who create.
However, these rights have contributed immensely to the world, especially economically. Sevsral firms in various industries lean on their patents, trademarks and copyrights to be enforced, while individuals consuming the community can also be assured of quality when they purchase commodity with intellectual property support.
Many organization owners don't know the different types of intellectual property making it so hard for them to ask the rightful questions and study how to make decisions to protect their invention.
What is intellectual property?
Intellectual property is a aspect of property that includes intangible creations or invention of the human intellect.There are several types of intellectual property, and some countries recognize more than others.
Benefit of intellectual property
Now let's get a better comprehension of the benefits of intellectual property rights and how to appreciate the protection that different types of intellectual property rights provide.- Increase the market value of your business
- Turn creation into profitable assets
- Market your merchandise and services
- Access to finance for your business
- Increase the export possibilities for your business
Best 5 types of intellectual property
#1. PatentsA patent is an intellectual property right for a technical invention. It allows you to prevent others from using your invention for commercial purposes.
You make decide who is allowed to produce, sell or import your invention in those countries in which you own a valid patent. You can also trade your patent, e.g. sell it or licence the use of your invention
Requirements for patent right
Your invention may be protected by a patent if it meets the following requirements:
- The invention is new
This includes print and online publications, as well as public lectures and exhibitions. As a rule, anything you disclose about your invention is considered state of the art - and your invention is no longer considered new.
Therefore, make sure to keep your invention secret before applying for a patent.
- The invention is inventive
If you show the purpose of your invention to an expert and he easily comes up with the same solution as you, then your solution is not inventive.
- The invention is industrially applicable.
#2. Copyright
Copyright is a form of intellectual property. A set of exclusive rights granted to a copyright holder or owner for an original and creative work of authorship captured in a tangible medium of expression.
Copyright includes literary and artistic works such as:
Novels, poems, plays and films
Musical works
Artistic works, such as drawings, paintings, photographs and sculptures
Architectural designs
How Copyrights Work
When someone creates a product that is considered original and requires significant mental activity, that product becomes an intellectual property that must be protected from unauthorized duplication.
An examples of unique creations include computer software, art, poetry, graphic designs, music lyrics and compositions, novels, film, original architectural designs, website content, etc. A safeguard that can be used to legally protect an original creation is copyright.
Under copyright law, a work is considered original if the author created it from independent thinking without duplication. This it is known as an original work of authorship.
Anyone with an original work of authorship automatically owns the copyright to that work, preventing anyone else from using or replicating it.
Copyright can be voluntarily registered by the original owner if they want to gain the upper hand in the legal system in an emergency.
Not all types of work can be copyrighted. E.g ideas, discoveries, concepts or theories. Brand names, logos, slogans, domain names and titles cannot be protected by copyright.
To be copyrighted to an original work, it must be in tangible form. This means that any speeches, discoveries, scores or ideas must be written down in physical form to be copyrighted.
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#3 Trademark
Trademark is a type of intellectual property consisting of a recognizable sign, design, or expression which identifies products or services of a particular source from those of others, although trademarks used to identify services are usually called service marks.
The trademark owner can be an individual, business organization, or any legal entity. A trademark may be located on a package, a label, a voucher, or on the product itself.
For the sake of corporate identity, trademarks are often displayed on company buildings. It is legally recognized as a type of intellectual property.
#4. Trade secrets
Trade secrets is any formula, process, device or other business information that is kept confidential to maintain an advantage over rival firm information - including any formula, pattern, compilation, program, device, method, technique or process".
Therefore, any confidential business information that gives a firm a competitive advantage can be considered a trade secret.
Not all "inventions" can be protected as patents. As a result, scientific theories, nutritional recipes, mathematical methods and commercial methods cannot be patented.
However, certain "inventions" that are valuable may still be protected as a trade secret. It could be argued that a trade secret is not, strictly speaking, an intellectual property right.
The factors that qualify confidential information as trade secrets are:
- It's a secret not widely known to the public;
- Because the information will not be made public, it must have commercial value:
- It is the subject of the holder's reasonable efforts to keep it confidential.
Trade secrets can be broadly classified into two:
- trade secrets that protect inventions or manufacturing processes that do not meet the patentability criteria and can therefore only be protected as a trade secret. An example of this is a manufacturing process or customer list that cannot be protected as a patent, but is considered valuable; and
- trade secrets for inventions that meet the patentability criteria and could therefore be protected by patents.
#5. Trade dress
Trade dress is a form of intellectual property that refers to the visual characteristics and overall appearance of a product and its packaging, which identify the source of the product and distinguish it from others.
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