Intellectual property rights give the creator exclusive rights to the intellectual property for varying lengths of time, depending upon the type of intellectual property. It is an intangible asset to a company. Business partners and financial institutions will have confidence to invest or collaborate with the organization. In addition to protecting their creation, business owners can maximize the value of their IPs in many ways. They can franchise, license out or transact their IP. There are 8 different types of (IP) Intellectual Property; they are patent, trademark, registered design, plant varieties protection, copyright, and layout-design of an integrated circuit, geographical indication and trade secret. Patent refers to the owner whom is the right granted of an object, product or a process that he/she invented. This will prevents others from making, using, importing or selling the invention without his/her permission. A person gives a new technical solution or a description of what are the solutions to solve the problem of the technical. Once they approved, the patent will last for 20 years from the date of filing. Other than using patent to prevent others from exploiting your invention, you can employ it to raise funds for your business, license it to third parties for commercial returns or sell the patented invention. A trademark is a distinctive indicator that used by a company or business to identify the brand, products or services. And the trademark can represent a logo, symbol, word and graphic. You can protect your logo or signature by applying/register through IPOS so that others will not have the chance to grab your ideas or even modify to look similar. Once acquired, a trademark can last indefi... ... middle of paper ... ...ated with a single company’s products. A trade secret can be continued to be use exclusively by a company for an indeterminate length of time if it is not discovered. It consists of information that is patentable. If a trade secret is discovered, its intellectual property rights are lost. Under the law, trade secret is protected from everyone except certain key individuals within the business or company. If someone reveals this secret information to others, legal action can be taken against him. Trade secret can be protected when the company limits number of people who can access this information, and have employees sign non-disclosure agreements. Any individuals who come into contact with the business or company should also sign non-disclosure agreements. Companies should also keep a clear record of all business deals that may contain any confidential information.
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“A patent is an intellectual property right granted by the Government of the United States of America to an inventor “to exclude others from making, using, offering for sale, or selling the invention throughout the United States or importing the invention into the United States” for a limited time in exchange for public disclosure of the invention when the patent is granted.” ("Patents," 2014) There are three types of patents, utility, design, and plant. Utility patents protect useful process, machines, article of manufacture, and composition of matter. Design patents pro...
Intellectual Property Law used to only protect art, music, and literature, but because of technological development, Intellectual Property Law now also protects a greater variety of innovations including designs, inventions, symbols, discoveries, and words. The phrase “intellectual property” was first known to be used in the late 1700’s; however, it was not widely talked about, nor was the Intellectual Property Law in actuality commonly implemented. Intellectual Property Rights slowly gained more attention by mid-1800’s after the Industrial Revolution had taken place: more companies were created, competition between corporations became fiercer, and owning unique innovations were crucial to winning the competition. However, as Intellectual Property
Intellectual Property - Intellectual property reflects on the ideas and things we can imagine and produce with our minds. Intellectual property includes anything that may be patented, owned, or protected by a trademark. There are four types of intellectual property, such as trademark, copyrights, patents, and trade secrets. Based on this week’s scenario, Sam had signed a non-disclosure agreement as a condition of his employment with ABC but unfortunately, has violated the conditions by downloading a list of customers for the company. This implies that the subject of intellectual property
A patent is a way to protect your invention. A patent makes sure that no other person can make, sell, offer for sale, or import your invention for a certain amount of time, in Canada it is 20 years. Since you have put a lot of time and effort into creating and producing your product, a patent prohibits others from copying your creation so all of your time doesn’t go to waste. This allows you to properly market your creation and prevent competition in the early stages of your commercialization effort. Patentable material includes any “new and useful art, process, machine, manufacture or composition of ...
Intellectual property abounds in our society, it is the direct result of the expression of an idea or other intangible material (Zuber, 2014). Our laws provide rights which are specific to the owner of the intellectual property. Furthermore, intellectual property is protected by laws just like tangible property is protected (Lau & Johnson, 2014). The most widely known forms of intellectual property rights include: trade secrets for confidential information, patents for a process/invention, copyrights for creative items and trademarks for brands (Lau & Johnson, 2014). While these rights may appear very defined, there are times when questions
The World Intellectual Property Organization, Intellectual property is the ‘products of the mind: inventions, literary and artistic works, any symbols, names, images, and designs used in commerce’. Intellectual Properties such as Patents, designs, trademarks and copyrights are protected by laws .The US government offers different types of protection for these properties. The Lanham Act (15 U.S.C.A. section 1051 et seq) also known as the trademark act of 1946 provides protection for trademarks. A trademark is defined as a name, a word, a symbol, or device or any combination thereof, adopted and used by a manufacturer or merchant to identify his goods and distinguish them from those manufactured and sold by others. (Miaoulis 1978)
Intellectual property rights are personal property rights acknowledged and protected as trademark, patent or copyrights. A registration of the invention or creation is necessary to gain protection through law and regulations. When we compare copyrights, trademarks and patents we can distinguish that they have differences in respect to areas of protection. While patents protect new inventions, copyright protects its unauthorized production or counterfeiting while Trademark is a brand serves to mark the goods or services of a company thus protects this good name or reputation.
Define and explain the following: copyrights, trademarks, and patents. Compare the three and provide an example of each. This paper will be non-graded, but it is still highly recommended that you complete this assignment for increased practice and self-improvement.
The protection of trade secrets endows the owner of the trade secrets rights to keep others from using and misappropriating his secret. Trade secret protection survives till the time the requirements for protection- value to the owner and secrecy- continue to be met. The protection is lost if the owner fails to take reasonable steps to maintain the secrecy of the information. Besides, disclosure of trade secrets is not actionable in all cases, i.e., trade secrets
Intellectual property is the legal term for an idea or knowledge that has been expressed in tangible form. Copyright is a subset of intellectual property, providing the legal framework intended to protect a creator 's original ideas, theories and concepts. It permits the right to publish, copy, or reproduce any original literary, dramatic, musical, or artistic work. In return, creators of such works receive remuneration for, and protect the integrity of the works that they have created. Under Irish Copyright law, protection extends to original literary, dramatic, musical or artistic works, sound recordings, films, broadcasts, cable programmes, the typographical arrangement of published editions, computer programmes, and original
The term “trade secret” is often bandied about without a true understanding of what it is and why it is important. Trade secrets are important because they serve to protect your valuable, and often confidential, information from getting into the wrong hands and being used inappropriately. Every entrepreneur can benefit from knowing these important details about trade secrets.
Intellectual property (IP) is defined as property that is developed through an intellectual and creative processes. Intellectual property falls under the category of property known as intangible rights, which includes patents (inventions of processes, machines, manufactures, and compositions of matter), copyrights (original artistic and literary works of), trademarks (commercial symbols), and trade secrets ((product formulas, patterns, designs). Intellectual property rights has a significant value to both individuals and businesses, providing in the case of large companies, over one half of their value on return. Since intellectual property rights are so important to the U.S. economy and its citizens, federal and state law provides protection, for example, civil damages and criminal penalties to be assessed against infringers. Due to the importance of intellectual property to a business, I don’t think that its protection and enforcement is going to be a thing of the past.
Intellectual property is information, original ideas and expressions of the persons mind that have profitable value and are protected under copyright, patent, service mark, trademark/trade secret regulation from replication, violation, and dilution. Intellectual property includes brand items, formulas, inventions, data, designs and the work of artists. It is one of the most tradable properties in the technology market.