What is Intellectual Property

Intellectual property (IP) refers to a property right that can be protected under the state and federal law. It includes copyrightable works, discoveries, inventions, and ideas. Intellectual property focuses on intangible creations such as trademarks, trade secrets, copyrights, industrial design, and patents, allowing individuals and companies to earn financial benefits from their inventions or creations. It strikes a balance between the interests of the wider public and those of the inventors.

Why should Intellectual Property be Promoted and Protected?

There are many compelling reasons. First, the legal protection of inventions creates new jobs, spurs economic growth, and enhances the quality of life. Secondly, the progress of life depends on the ability to create new works in the field of culture and technology. Third, an efficient IP system can help in the realization of the potential of intellectual property as a catalyst for social and economic development.

Understand that international IP laws change often. For instance, should an individual or a company create something in the United States and want to preserve their right and profit from it in a different country, the laws may differ. In this case, finding ways that protect the invention abroad and the interests of the client may prove challenging. A company should invest in an intellectual property lawyer to harness the laws effectively and meet their objectives.

Intellectual Property Law

Intellectual property law grants the innovator exclusive exploitation rights over their creations. However, these rights are limited in duration, scope, and geographical extent.  This law controls who uses scientific or creative works, including artistic creations, designs, and products. The purpose is to allow the owners of the creations to profit from their work. Intellectual property law covers the following areas:

Copyright

This covers literary works such as novels, poems, music, movies, print, choreography, sculptures, architectural design, and performance. A company or an individual can only get copyright if their work is unique. Registering your work allows you to claim statutory damages and attorney fees should someone violate the copyright. For instance, the multimillion-dollar publishing and film industry which bring entertainment to millions of people would not exist without this type of IP.

Patents

This is an exclusive legal right granted to an original invention. Without its rewards, inventors and researchers would not have much incentive to produce efficient products. In the US, the term limit of a patent is 20 years. During this period, an invention cannot be commercially used or distributed without the consent of the owner. Patents offer incentives by recognizing creativity. The IP rights are enforced in the court of law, whereby the system offers protection against infringement. For a patent to be granted, sufficient details must be carefully described to determine what the invention is and the rights the inventor has. Should a patent be proved invalid through a successful challenge by a third party, the patent is declared invalid.

Trademarks

A trademark is a distinctive word, symbol, design, or any sign that represents a product or a company. Unlike a patent, this can last a lifetime. Trademark protection gives the owner of the sign exclusive rights to authorize another body to use them in return for payment.  Without this protection, which enforces and discourages counterfeiting and piracy, consumers would not buy supplies or services confidently.

Trade Secrets

These concern proprietary information that holds commercial value. Although there may be aspects of contract law that may be relevant in a particular case, trade secrets are not covered by specific statutory provisions. The level of protection conferred on this IP varies from one country to another. Should a competitor use the trade secret in an unlawful way, they could be sued for trade secret violation.  Although a doctrinal discussion regarding intellectual property rights exists, trade secrets do not receive any protection from these rights.

Industrial Design

Industrial design is the ornamental part of an article consisting of three-dimensional or two-dimensional features. Three-dimensional features may include the shape of an article while two-dimensional features may include lines, colors, or patterns. An industrial design must be original and non-functional to be protected under most national laws. Industrial designs make an article attractive and add to the commercial value of the product. When protected, the entity is assured of exclusive rights and protection against unauthorized access. Industrial design protection promotes economic development by heightening the level of creativity in the manufacturing and industrial sectors.

Why use Intellectual Property?

Businesses can heighten their competitiveness by dedicating their resources and time to intellectual property protection. Intellectual property assets are valuable to every company, thus the reason they must be managed as part of a business strategy. Whether it is a design, a patent, or any other form of right, IP rights represent an investment with an expected return. It means when a company turn their inventions into marketable products and sources of income, IP rights can protect their market shares. The value of an IP right depends on how well it is utilized. Companies should adopt a systematic approach for effective commercialization of their innovations to reduce risks and maximize the chance that their investment will, in return generate good returns.

Can IP be used as a Monitoring Tool?

Not only is IP an excellent tool for offering legal protection for commercial rights but can be used as an information tool by SMEs. For instance, patents provide crucial details about an invention that has not been published before. The details provided describe the technological context of the creation and permits the identification of the inventor.  They also indicate innovation trends. This literature acts as an effective tool for helping companies avoid parallel developments in an already crowded field. Undervaluing the potentials of intellectual property may open the possibilities of competitors taking advantage of business ideas and reputation, among others.

In an era of globalization, IP rights must be regulated and protected at an international level. Many countries protect inventions to foster economic growth, attract investments that may create new job opportunities, and offer incentives. Now more than ever, IP is globally recognized as a tradable commodity.