What Is Intellectual Property?

  • Intellectual property rights are the rights given to persons over the creations of their minds.
  • A right enjoyed by a person or by a company to have exclusive authority to use its own plans, ideas, or other intangible assets without the worry of competition.
  • The reasoning for intellectual property is to encourage innovation without the fear that a competitor will steal the idea and / or take the credit for it.
  • They usually give the creator an exclusive right over the use of his/her creation for a certain period of time.
  • Intellectual Property Protection is protection for inventions, literary and artistic works, symbols, names, and images created by the mind.
  • There are four types of Intellectual Property:
  • 1. Patents- A patent grants property rights on an invention, allowing the patent holder to exclude others from making, selling, or using the invention.
  • 2. Trademarks- A trademark is a word, phrase, symbol, or design that distinguishes the source of products or services of one business from its competitors.
  • 3. Trade Secrets- A trade secret is a formula, process, device, or other business information that companies keep private to give them a business advantage over their competitors.
  • -Unlike the other types of intellectual property, protection can't be obtained by registering your trade secret. Instead, protection lasts only as long as you take the necessary steps to control disclosure.
  • 4. Copyrights- Copyrights protect original works of authorship, such as literary works, music, dramatic works, choreographic works, sculptural, pictorial, and graphic works, sound recordings, artistic works, etc.
  • -In order to qualify under copyright laws, the work must be fixed in a tangible medium of expression, such as words on a piece of paper or music notes written on a sheet. No copyright can be had over an idea.
  • Intellectual Property Rights allow creators, or owners, of patents, trademarks or copyrighted works to benefit from their own.