Intellectual property

Intellectual property or IP refers to the business assets that you or your employees have. This thing makes you unique and different from your competitors. It is called intellectual because it is creative and you have produced it using your mind and intellect. Whereas it is considered as a property because it is a tradable commodity.

Intellectual property or IP is the authentic concept that you or your employees, workers, or advisors create. These concepts became your corporate assets and it consists of the following things:

Protection of your assets

IP has great significance because you have produced these things to support your business. It’s your creations or inventions so you want to protect it. Otherwise, people will copy all of your content and all your efforts are wasted. Therefore, you need intellectual property rights for the safety and protection of your content.

Apart from the protection of assets, these rights have a great economic contribution. Many companies or industries work due to the enforcement of intellectual property rights. When these companies or industries produce a brand and it eventually became popular, other people try to copy it. The intellectual property rights refrain them to do so. Furthermore, users or customers have a guarantee that they are buying IP packed products from their favorite bands.

What do you know about Intellectual Property Rights?

The legal rights that give protection to the creators or businessmen for their authentic work, creations, inventions, discoveries, scientific development, etc are called intellectual property rights.

1.Patent

Patent refrains other people to create something from an already invented or produced thing without permission. It is the most common type of intellectual property rights that people remember whenever intellectual property rights are considered. A patent owner can commercialize his/ her patent. He/she can also and sell the patent or can give a license to any third party for their creation under the mutual agreement. There are three different types of patents.

• Utility

It is used to safeguard or protect the production of new products or useful machines. The utility is the most commonly used type of patent that creators usually get. Moreover, when a person has a utility patent, then he/she can exclude anyone from the production, usage, or sale of this product.

• Design

A design patent is used only for the protection of the appearance of the product. But it does not include structural and functional characteristics. As a utility patent and design patent offer different areas of intellectual protection so both can be used for the same product.

• Plant

It protects the new types of plants that are produced through asexual reproduction. It means you can use cuttings or seeds for the plants production.

2.Trademark

Another type of intellectual property right protection is the trademark. A trademark is the specific symbol of a brand that will help the users to recognize the products of that particular brand. For example, the WhatsApp green color logo, Facebook logo. These logos or signs are the identification of these brands and make them unique out of the crowd.

A trademark can be a catching phrase, symbol, sign, sound, smell, or color scheme. Irrespective of patents that protects only one product, trademark provides protection to a various set of products.

3.Copy right

Copyright is not used to safeguard concepts or ideas. However, it includes tangible forms of work. For example, music albums, art, architectural drawings, books, novels, or software codes. The copyright owner can publish or sell any literary, musical, dramatic, artistic, or architectural work produced by the creator or author.

4.Trade secret

The secret of a business also depends upon trade secrets. Trade secret consists of any property related strategies, types, systems, or other information that is confidential. Others cannot use this personal or restricted information for unauthorized commercial use. This type of property protection helps the business to grow and confidentially face competitors.

It seems that intellectual property rights offer minimum protection. However, when these rights are used wisely, you will get maximum protection. Therefore, you can use these rights to increase your business magnitude without the fear of copyrights.