Four Types of Intellectual Property

Four Types of IP

Intellectual Property is a category of certain properties consisting of the invisible creation of the human intellect. Whenever a company or an individual is having a unique/novel idea/content/name. They usually seek legal protection from intellectual property to enjoy exclusive rights on their side. These inventions can be in the form of artistic works, designs, and symbols.

TYPES OF INTELLECTUAL PROPERTY

There are different types of intellectual property, but the most well-known are Trademarks, Copyrights, Patents, and Trade Secrets. 

PATENTS

A patent is a title that gives the owner the legal rights to prevent others from selling or making an invention/product/idea. With these legal rights, if anyone is found infringing the owner’s rights, the patent owner is free to sue that particular person trying to copy the product. These rights are usually permitted to anyone inventing something new and non-obvious. It can be the computer, drug, electronics, consumer goods, the bulb, or any product that you may come up inventing.

COPYRIGHT

Copyright is an intellectual property which is also called right to copy. These are rights exclusively granted to original creators of content. Some examples are literary works, music, and artwork.

The moment you create something and you opt for copyright registration, it means it is rightfully yours and if anyone is found infringing on the rights of your content, then the infringer must be ready to pay a penalty as compensation for the damages caused.

TRADE SECRETS

This is a type of information that is unique and confidential. It is made up of processes, practices, and designs. The main aim of the Trade secret is to maintain competition in a market. For example, Kentucky Fried Chicken (KFC)’s recipes were not publicized in any way. Only the firm disclosed the formula to a few people who also went for a confidential agreement.

Infringing on trade secrets is also called misappropriation. When you leak a secret of how a certain product was made without the consent of the owner, it means you violated the owner’s rights. A trade secret has no limitations, it can even last indefinitely as long the process is still confidential. Trade secrets require no cost for registration but the cost to maintain the secret can be quite high.

TRADEMARKS

The last one is Trademark which consists of recognized words, phrases, symbols, and designs that differentiate the source of product or services from those of others. To acquire Trademark one, first have to register first the mark/word/symbol and design in the desired country or under Madrid protocol.

A Trademark is usually displayed on a company building and you can also find it on the Company’s Packaging, Label (Directly printed on a product), and a Voucher. A recognized mark under registration can never be used by someone else unless there is proper authorization.

CONCLUSION

All these types mentioned above in this article are very important Intellectual Property rights that foster innovation and not only that but also puts the content/name products on a safer side. If not for these rights, businesses and individuals wouldn’t be successful enough to obtain all the necessary benefits.

Wissen Research is one of the recognized firms in the I.P field and offers a wide range of services. We have many years of experience and have completed lots of successful client’s projects. To know more about us at our website.

Four Types of Intellectual Property

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