WHAT IS INTELLECTUAL PROPERTY?
Intellectual property refers to the product of the mind, which is distinct from the usual notations of the property. These products could be inventions, artistic and literary works, designs and symbols, names, and images used in commerce. Intellectual property is in tangible form and cannot be sensed by other people since it is valuable to the original creator. The main purpose of intellectual property is to encourage the innovation of products.
WHY INTELLECTUAL PROPERTY RIGHTS ARE NEEDED?
- The intellectual property law provides the exclusive rights of the products to the creator.
- These rights provide legal ownership to the authors.
- Without IP protection, third parties can easily exploit your products.
- Patent protection is important to encourage the disclosure of information to the public which may be useful to the inventors to improve the product.
- It provides growth in areas of research, innovation, and employment.
TYPES OF INTELLECTUAL PROPERTY RIGHTS
A patent is the exclusive rights given to the invention i.e, a product or process that provides the new solution for the problem. It gives them rights to the owner to protect their product from making, using, selling by other people for a limited period of years. The lifetime of a patent for a patentee is 20 years. The patentee must properly include the claims by pointing out the novelty of your idea. This is important because it provides the legal protection of the patent in case of infringements. A patent is given by checking the criteria like the novelty of the idea, the presence of inventive step, and its commercial applicability. A patent is given by regional and national patent offices like the Indian patent office, European patent office, and African Regional Intellectual Property Organization.
2. INDUSTRIAL DESIGN
Design refers to the shape, size, pattern or ornament, or composition of lines or colors or combinations applied to any two-dimensional or three-dimensional products or for both through the industrial process by manual or chemical or mechanical, which a finished article is judged by the eye.
Copyrights are given to the author to protect their ownership of their product. Copyrights are given by verifying the tangible form of work and original authorship of the work. Copyrights are given to expressions and not to ideas or procedures or any mathematical concepts. Some of the copyrighted works are literary works, dramatical works, musical works, pictorial, graphical, and sculptural works, motion pictures, and architectural works. The duration of copyrights is 60 years.
Trademarks are distinctive signs used by a company or industry which cannot be used by others. Trademarks could be distinctive combinations of words or letters or numerals, distinctive shapes or signs, non-visible signs like sound, taste, smell, and collective marks and certification marks. Trademark ensures the owners of the marks the exclusive rights to identify goods and services. The lifetime of a trademark is 10 years.
5. TRADE SECRETS
Trade secrets refer to the information including a formula, pattern, compilation, method, device, technique, or process that derives the independent economic value. It should not be readily accessible to other persons who can easily attain economic value by disclosing it. Some of the manufacturing secrets are Research and Development (R&D) information, Proprietary information about production/process, quality control information. Some of the commercial secrets include employee/vendor/partner information, infrastructure and organization information, internal financial information, and sales and marketing information.