Types Of Intellectual Property You Should Be Aware Of
It is crucial that you familiarize yourself with what’s known as intellectual property, if you’re thinking of starting a new business or currently have one. Basically, this is a phrase that is used to describe legal rights in which people have a hold over creations of the mind like writing, works of art, designs, music, ideas, choreography or inventions. As a matter of fact, there are 4 major types of intellectual property and these are copyrights, patents, trade secrets and trademarks.
Number 1. Copyright – in this type of intellectual property, it is used to protect the original authors of both unpublished and published creations. The rights of these works remain only to the passions of the creator for specified period of time under copyright law. These works will be open to others for republication and reproduction as soon as the time period has elapsed.
Number 2. Patents – basically, these are legal property rights applied to the inventions compared to the works of any kind of literacy or art and they should be distributed by the US Patent and Trademark Office. In most instances, the patents can be applied to items such as processes, manufacturing designs, machines, compositions of matter or biological discoveries. Much like copyrights patents are available as well to investors for set period of time before it expires. Generally speaking, patents can last for up to 20 years after the date in which the application for patent is filed.
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Number 3. Trade Secrets – truth is, these are designs, practices, processes, recipes, formulas or even ideas that help a company to have leverage in the industry. In most instances, trade secrets are hidden by the person’s own means not like being protected through government policies like copyrights or patents. To give you an example for self protection used often with trade secrets, it can be done by locking pertinent info away in a bank vault. Because trade secrets are lacking of legal protection, the moment they got leaked to the public, anyone can use them.
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Number 4. Trademarks – usually, these are including phrases, words, symbols, designs or even devices used in line with a certain brand or good to distinguish it from other merchandises of that particular industry. Truth is, trademarks are used for identification purposes and protected legally the moment they have been registered with US Patent and Trademark Office.
Whether you believe it or not, many people are not aware of the value as well as the presence of these assets because it compose of expertise, knowledge, now-how that only high qualified employees have. Truth is, this gives any company an edge over its market competitions.