Intellectual Property refers to artistic works, literary works, inventions, technology, designs, symbols, names, and images used in commerce. Basically, intellectual property is anything that you can create or invent as your own. Your intellectual property is protected by law by copyrights, patents, and trademarks enables you to benefit financially and earn recognition from your creation.
Oxford Languages defines Intellectual Property as a work or invention that is the result of creativity, such as a manuscript or a design, to which one has rights and for which one may apply for a patent, copyright, trademark, etc.
4 Types of Intellectual Property
1. Patent:
A patent, as defined by the U.S. Patent and Trademark Office, is limited-duration protection that can be used to protect inventions or discoveries that are new, non-obvious, and useful, such as a new process, machine, article of manufacture, or composition of matter. Patents allow a patent owner to commercialize their patent by selling the patent, producing a product, or licensing production to a third party. Law prevents from selling the idea or producing the product without possessing the patent.
Patents can fall under three different categories:
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2. Copyright:
Unlike patents, copyrights do not protect ideas. Only tangible expressions of ideas and creations such as original artworks, music, literary works, software codes, and architectural drawings are protected by copyright. Copyright protections are automatic in the sense that once you create something, it’s yours. You own it. You can sell it, reproduce it, publish it, or license it in any way you see fit. However, if you feel your copyright protections are being infringed upon, and you wish to take legal actions, registration of your copyright will be necessary. Visit the US Copyright Office for registration and more information.
3. Trademark:
A trademark protects words, phrases, or symbols that allow customers to easily identify a brand, service, or product. Names, logos, smells, sounds, mascots, and color schemes can be trademarked. Trademark examples include McDonald’s golden arches, Nike’s Swoosh, Pepsi’s blue and red, Apple’s apple, Geico’s talking gecko, Google, and Chanel No 5. Unlike patents and copyrights, a trademark does not expire.
4. Trade Secrets:
Trade secrets are private information that is pertinent to a business. They give a business a competitive edge in their industry or marketplace. Think of the formula for Coke or KFC’s herb & spices blend. If this information was acquired and used by a competitor, it could be detrimental to those companies. Trade secrets are protected without official registration, unlike the above protections. However, if there is a breach of trade secrets, the court may be asked to step in to prevent other parties from using the secrets.
The Yoknapatawpha Arts Council's own Wayne Andrews discusses IP Law with Micheal Mosher of the Ole Miss Office of Technology Commercialization in this hour long video: Literary Bit of Intellectual Property This discussion was a part of the Literary Bit Festival in November of 2020. Micheal goes into nuances of contracts, documentation of intellectual property, nondisclosure agreements, and your rights as an intellectual property holder. Thank you for following along with The Big Bad Business Blog.
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