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Intellectual property
Intellectual property is creations of the mind like inventions, names and images used in commerce. -
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Copyright
Copyright is the exclusive right to copy, print, publish, perform, film, or record literary, artistic, or musical material, and to authorize others to do the same. -
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Copyrighting is necessary because it protects certain kinds of original works. Any invention that is created whether paper, film or digital is subject to copyright. -
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Patent
Patent is the exclusive right granted by a government to an inventor to manufacture, use, or sell an invention for a certain number of years. -
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More on patent
Patents play a role in everyday life like electric lighting, plastic and ballpoint pens. Some examples of patent inventions are machines, erasers, soap & drugs. -
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Trademark
A trademark is any word, name, symbol, or design, used in commerce to identify and distinguish the goods. -
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Types of Trademarks that can be registered
First type is suggestive where trademarks indirectly refer to the goods or services with which they are associated.
Next is Arbitrary which marks a common English words which are used in a way such that their normal meaning have no relationship towards the goods or services to which they are known.
Last is Fanciful. Fanciful trademarks are generally " coined" terms that had no meaning before their use as a trademark. -
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How is a Trademark registered and how extensive is the protection?
To register a trademark, go to the U.S. Patent and Trademark Office's Web site, www.uspto.gov. Then make sure someone else hasn't already registered the mark your category by checking the Trademark Electronic Search System database . For a trademark registration to remain valid, a Declaration of Use must be filed and within the year before the end of every 10-year period after the date of registration. -
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Intellectual property is beneficial because it legally prevents others from taking advantage of your creation by trading under your name.
Also in some countries there are tax breaks and reduced taxation, which can directly increase the profits your business can generate. -
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Patent is necessary during exclusivity which grants the patent holder exclusive right. Another is when generating interest, patents show potential investors and employees that a business is serious. Last is Cross-Licensing which refers to an agreement where one party grants its license to another party in exchange fir that party's license.