What are intellectual Properties?
These are the things that emerge out of human creativity. These are the creation of the mind. Inventions; literary and artistic works; and symbols, names, and images used in commerce fall under this. Intellectual property is divided into two categories: Industrial Property includes patents for inventions, trademarks, industrial designs, and geographical indications. Whereas, literary works (such as novels, poems, and plays), films, music, artistic works (e.g., drawings, paintings, photographs, and sculptures) and architectural design are covered by copyright.
The associated rights:
Intellectual property rights are the rights given to persons over the creations of their minds. They usually give the creator an exclusive right over the use of his/her creation for a certain period of time.
- Patents – A patent is an exclusive right granted by law to applicants/assignees to make use of and exploit their inventions for a limited period of time. The patent holder has the legal right to exclude others from commercially exploiting his invention for the duration of this period. In return for exclusive rights, the applicant is obliged to disclose the invention to the public in a manner that enables others, skilled in the art, to replicate the invention. A Patent Owner has every right to commercialize his/her/its patent, including buying and selling the patent or granting a license to the invention to any third party under mutually agreed terms. Patents are valid for 20 years from the date of filing an application, subject to an annual renewal fee.
- Trademarks – Trademarks are another familiar type of intellectual property rights protection. A trademark is a distinctive sign which allows consumers to easily identify the particular goods or services that a company provides. Some examples include McDonald’s golden arch, the Facebook logo, and so on. A trademark can come in the form of text, a phrase, symbol, sound, smell, and/or color scheme. Unlike patents, a trademark can protect a set or class of products or services, instead of just one product or process.
- Copyrights – Copyright is the set of exclusive rights granted to the author or creator of original work, including the right to copy, distribute, and adapt the work. Copyright lasts for a certain time period after which the work is said to enter the public domain. Copyright gives protection for the expression of an idea and not for the idea itself. Copyright ensures certain minimum safeguards of the rights of authors over their creations, thereby protecting and rewarding creativity. The copyright owner has the exclusive right to sell, publish, and/or reproduce any literary, musical, dramatic, artistic, or architectural work created by the author.
- Trade secrets – Trade secrets are the secrets of a business. They are proprietary systems, formulas, strategies, or other information that is confidential and is not meant for unauthorized commercial use by others. This is a critical form of protection that can help businesses to gain a competitive advantage.
Why Are Intellectual Property Rights Important?
- Intellectual Property Creates and Supports High-Paying Jobs
- Strong and Enforced Intellectual Property Rights Protect Consumers and Families
- Intellectual Property Drives Economic Growth and Competitiveness
- Intellectual Property Rights Encourage Innovation and Reward Entrepreneurs
- Intellectual Property Helps Generate Breakthrough Solutions to Global Challenges