Intellectual Property is the non-physical property, which is defining a product based on the original thought. In other words, Intellectual Property refers to the creation of the mind. You will be able to find how Intellectual Property is associated with new inventions, designs, artistic work, literary, names, symbols, and images that are used in the industrial world.
Intellectual Property is provided with enhanced protection by the law. You will be able to discover numerous varieties of Intellectual Property, which include trademarks, copyrights, and patent. They are in a position to provide assistance to the people with receiving financial benefits or recognition out of what they come up with.
It is important to ensure balance between the public interest and interest of the innovators. That’s where Intellectual Property would come into play. Intellectual Property has the ability to keep the binding strong. Along with that, it is possible to foster an excellent environment, where innovation and creativity can flourish.
Different types of Intellectual Property
As mentioned earlier, you will be able to discover many different types of Intellectual Property. Here is a list of some of the most prominent types out of them.
- Patent
When you come up with a new invention, you will need to apply for the patent. That’s because the patent will make sure that nobody else can create the same product that you invented and seek financial gains or recognition out of it. You will also be able to monetize the patent that you have. In other words, you can ask the people who use your new invention to make a payment to you. You will be able to find how patients are often associated with Intellectual Property protection. In addition to that, patents can be used in order to deliver protection needed by the new plant species as well.
Once you come up with a new product, you have the ability to go ahead and apply for the patent. Then your new invention will be analyzed by a panel. They have a standardized criterion, which is being used to analyze your new invention. If the product that you have invented gets through the criteria, you will be able to end up securing the patent under your name. Then you can also experience all the benefits that come along with the patent as well.
When you get a patent, you will need to take care of its maintenance as well. That’s because the patent will be given out to you along with a limited lifetime. You will need to track and maintain the patent on a regular basis. This is where you should pay appropriate fees and maintain your patent.
- Trademark
Trademark is quite different from the concept of the patent. That’s because the trademark is offering protection to sounds, symbols, phrases, and words. In addition to that, it can also provide protection to color schemes and smells as well. You will often be able to consider trademarks as assets. They are describing the source of a service or a product that is underlying. On the other hand, you will be able to provide protection to one of the above-mentioned aspects with the help of a trademark.
You don’t need to obtain government approval to get your hands on a trademark. You will be able to use the trademark in interstate commerce with ease. However, it is still important for you to ensure proper registration of the trademark. Then you will be able to use the trademark and experience the benefits that come along with it, without keeping any doubts in mind.
- Copyright
Copyrights are not in a position to provide enhanced protection to the ideas. However, they are in a position to deliver improved protection to the ideas, which are being expressed. You will often be able to find how copyrights are associated with the software, architectural drawings, music, art, and written works. In addition to that, copyrights are even applicable to video games. There are certain exceptions associated with copyrights. Even under the application of such exceptions, you will notice how the copyrights are providing the ability for the owner to ensure proper control over performance, reproduction, adaptions, and new versioning. Moreover, you can also control the distribution and public performance as well.
Copyrights are often associated with the original work that you come up with. It should be within a tangible medium. In addition to that, you need to make sure that you are registering along with a government copyright office so that you will be able to receive advanced protection needed. Then you will be able to claim for the damages and confiscations as well. The application that you have to put forward in order to obtain copyrights is easy when compared to the process of getting a trademark or patent.
- Trade secrets
Trade secrets belong to the category of Intellectual Property as well. They define the devices, systems, and procedures, which ensure that information shared is being confidential. It will also make sure that the information is provided only to the company that is using them. Hence, no company will be able to exploit the information that you provide and misuse them. This will assist you to keep the peace of mind when you are sharing information along with other business clients in the long run.
Trade secrets are in a position to deliver a competitive advantage to your business. However, it is also important to keep in mind that trade secrets are not managed through a federally regulated process. Instead, you will be able to find how necessary precautions are taken in order to ensure copyrights in the long run. You will be able to mark your work as “Confidential” when they are being protected with copyrights. Then no other person will be able to gain access to them and exploit them without your permission.