Intellectual property refers to a person’s non-physical creations. It is a product of a person’s intellect. And it encompasses things like inventions, images, literary works, designs, symbols, and artistic works. A creation born from a person’s intellect is their Intellectual property. Such creations are prized possessions of the owners and must be protected from theft.
For this reason, a creator hires a trademark firm to safeguard their intellectual property. There are different types of protection depending on the work. If you have created something new, such as a novel, a design, an emblem, etc., you need one or more of this protection. This blog post explains the different concepts of Intellectual property rights. Every creator and businessperson should know these rights.
Patents
A patent is a right that protects the inventor and is usually issued by a government agency. The US Patent is an example of such an agency. Patents ensure no one else can copy an invention. Such inventions could be physical such as an automobile or a machine. Or it could be a software program or an image. A good example of a patent is Thomas Edison’s light bulb patent.
Trademarks
A trademark is a symbol, design, logo, phrase, or a combination of two or more. It legally identifies and differentiates a company’s products and services from those of others. No other business or person can use another company’s trademark. Trademarks are common with businesses, but individuals can also own them. Examples of trademarks are Pepsi and Coca-Cola.
Copyright
Copyright protects original written and literary work. These works include novels, screenplay, music, architecture, art, or computer software. The creators have exclusive rights to recreate, use, and copy their works. Copyrights also give creators the right to grant any person permission to use their work. This can be done through an agreement or a license.
Trade secrets
A trade secret refers to a company or business’ confidential information. It is the secret with which the company provides economic benefits and has a competitive advantage. Trade secrets are usually the result of months or years of research by the company. Intellectual property laws protect this right, though there is no documentation process. Many companies get their staff to sign a non-disclosure. They do so to protect their trade secrets further. A trade secret can be a recipe, a customer’s list, a formula, or a procedure.
Licensing
Another term for this is a franchise. An original owner of a creation can grant any person the authorization to use their work in exchange for compensation. This work can be a company’s name, trademark, process, or an author’s literary work. Both parties sign an agreement. After that, the licensee or franchisee has permission to use the work. According to the agreement, these works can already be the owner’s patent, copyright, trademark, or trade secrets.
Understanding these concepts is important for any business person and creator. It should guide you in effectively protecting your creations and ideas. Additionally, consulting with a trademark firm is also essential. It will safeguard your interests and prevent infringements.