Inteltorial Property: The Benefits Of Intellectual Property

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What is intellectual property? Basically, intellectual property is the creation of intangible assets, and special rights have been given to the creators to protect such assets. Creators such as innovators, artists, and business owners are entitled to those special rights only for a limited period of time. IP can help businesses by allowing them the confidence to invest in or work with other companies. Also, business owners can franchise, license out, or transact their IPs, thus, using their IP to the fullest. Examples of IPs would be: business owners, as they are entitled to exclusive rights on the use of trademarks and geographical indications that they themselves have made, artists, as they can use copyright to protect their musical, literary, dramatic and artistic creations, and lastly innovators, as they can protect their patents, industrial designs, trade secrets, confidential information and layout designs for circuits due to these special rights that have been put in place. IPs are advantageous to innovators, as they can protect patents. Patents are rights which are granted to owners, so that their inventions will not be used, remade, imported or sold without the creator's permission. Patents are therefore beneficial as they allow you to raise funds for your business, sell your invention, as well as make commercials out of them with the help of third parties, or the like, under a license. However, for an invention to be patented, it must first fulfill certain criterias such as being new. It must not be known anywhere in the world, in any way. This is to so that the public will not compromise the novelty of the item. The invention must also be something that is an improvement of an already existing product, or process. L... ... middle of paper ... ...who know the confidential information, having employees sign contracts to make sure that the information given to them remains secret, making sure that individuals also sign contracts so as to not spill the beans, and lastly to keep records of any deals that have been made that contain confidential information. It is not possible to maintain a patent while ensuring that information of the same invention remains confidential as the owner of the invention has to fully disclose information about their invention during the patent process. However, material can be protected by both copyright and and the law protecting confidential information. In Singapore, this would be the case for protecting confidential information. However in other countries, protecting confidential information may come under separate laws. And thus, this is the conclusion for background of IPs.

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