What is intellectual property (IP)? What are Different Types of IP?

intellectual property

Intellectual property (IP) refers to intangible cognitive creations. There are many kinds of intellectual property and some countries recognize more than others. Copyright, patents, trademarks, and trade secrets are the most well-known types. England pioneered the modern concept of intellectual property in the 17th and 18th centuries.

Four Types of Intellectual Properties i. e.

Copyrights, Patents, Trademarks, and Trade Secrets –

If you own a business, you should be aware of the four types of intellectual property, or IP. Many entrepreneurs we speak with are unsure where to start when it comes to protecting their ideas and inventions. We decided to create a quick and easy guide to educate them because they require this information frequently. We decided to post it on our blog because it was so popular. In the comments section below, let us know if you found this helpful and if there are any other guides you’d like us to create.Four Types of IP:-

  1. Copyrights
  2. Patents
  3. Trademarks
  4. Trade Secrets

Copyrights

What are Copyrights and How Do They Work? According to Copyright, Copyright is a type of protection provided to authors of original works of authorship by the laws of the United States (title 17, U.S. Code). Copyrights A Guide for Gov. Writing, pictures, music, art, and other forms of intellectual works are all protected by copyrights. This means that if you wrote something or created something that you don’t want other people to use without your permission; you have the right to copyright it. People who want to use, reuse, or repurpose your work must now contact you first, credit you as the creator, and use it for the purposes you deem appropriate.

This rule has an exception, which is Fair Use. It is permissible for someone to use a portion of your work for educational, parody, commentary, or news purposes. Furthermore, make sure your work and website are copyrighted, and that people can contact you if they want to use your work with your permission.

Patents

 What are patents, exactly? According to the United States Patent Office, “a patent for an invention is the grant of a property right to the inventor.” From the time the inventor files a patent application with the US government, the patent usually lasts for 20 years. Additionally, the law covers anyone who “invents or discovers any new and useful process, machine, manufacture, or composition of matter, or any new and useful improvement thereof,” according to the law.

It means that if you discover a new way to make something or a new product that you want to bring to market, you should first patent the idea so that no one can claim it at any stage. For instance, if you have a revolutionary water bottle that you believe will benefit the general public, you should protect your intellectual property by filing a patent application claiming that the idea is unique and your own. You will be granted a patent to protect your right to the concept if the government agrees that your idea is your own, unique, and useful.

Trademarks

What Are Trademarks and How Do They Work? A trademark is “a word, phrase, symbol, or design, or a combination thereof, that identifies and distinguishes the source of one party’s goods from those of others,” according to the USPTO. For example, see if your company name, logo, or tagline can be trademarked. Your company’s or products’ trademark serves as a brand identifier. Trademarks can be applied to images, slogans, and colors. Tiffany Blue, for example, is a trademarked color that Tiffany & Co. uses in promotional materials, as well as boxes, bags, and other items.

The most common intellectual properties to be trademarked are words, phrases, and images, but other distinguishing features can also be registered for your business. Coca-Cola bottles, for example, have a trademarked shape, while Dell and Ford have trademarked their surnames and even smells. On the other hand, Non-conventional trademarks are used in every industry to protect intellectual property.

Trade Secrets

What is the definition of a trade secret? A trade secret is, in general, any piece of confidential corporate information that gives a business a competitive advantage. Coca-secret Cola’s formula, for example, could be considered a trade secret. Now, if I started a soda company and produced a Coca-Cola-like beverage, I would be infringing on Coke’s trade secret. Trade secrets can also be defined as distribution methods (Wal-Mart), sales methods, consumer information, ad campaigns and strategies, vendor lists, client lists, and production processes, to name a few.

In conclusion to above, keep your trade secrets safe. Maintain a need-to-know basis for employees. If you’re terminating an employee, make sure they don’t have access to your client files once they’ve left.

Conclusion

Many entrepreneurs are unsure where to start when it comes to protecting their ideas and inventions. England pioneered the modern concept of intellectual property in the 17th and 18th centuries. Copyrights, patents, trademarks, and trade secrets are the most well-known types of property. If you own a business, you should be aware of the four types of Intellectual Property. We hope this guide will be helpful to those in need of a quick, easy guide. Let us know if there are any other guides you’d like us to create.

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