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Intellectual property (IP) is a concept which refers to the legal protection of sometimes tangible and mostly non-tangible elements which are creations of the mind. Legally speaking, Intellectual property laws give the owners or the creators exclusive rights of ownership for their works which can include inventions, literary works, works of art, designs, symbols, names and images specifically used for commercial purposes. Various types of IPs are protected by the law through the use of patents, trademarks, copyrights or trade secrets; in order to allow the creator or the owner to drive maximum benefit, financially or in terms of recognition.
Copyrights are used for protecting literary and artistic works including books, music, paintings, technical drawings, plans or maps. These rights are granted usually for a limited time.
Trademarks
Trademarks are used to secure symbols or marks which are distinguishable and often used for commercial purposes. Trademarks are used to identify a product or service from another.
Patents
Patent gives rights to the inventor of an invention which can be a product or a system, to choose how or whether the product can be used by the general public. Patents are granted for a limited time period. In order to qualify for a patent, the invention has to be useful, non-obvious and be usable by others for some utility.
Trade Secrets
Trade secrets are a compilation of information, ideas, design or a formula which can give the business a competitive edge over its competitors.
The usage of Intellectual Property rights protects the owner’s efforts, time and investments and guards the creation from being used by any other person or party, thus allowing the creator to drive the maximum benefit intended.
