In the present era of innovation and technological advancements, new inventions take place at a breakneck pace. Every day, new products and services enter the market. Some will receive massive success and appreciation, while others fail and leave the market. But every innovative idea is a stepping stone for a business to move ahead in its journey. If you have a new idea, product, or conceptual theory no one has heard before, then it becomes necessary for you to get it registered in your name; otherwise, anyone may copy your idea and claim it as their own. To prevent this, intellectual property rights have come into existence.
What Do You Mean by Intellectual Property Rights?
An intellectual property right is given to a person who has invented a new product, idea, or conceptual theory that was not known previously. This right makes the creator the sole owner of their creation for a specific period of time. If anyone tries to copy or duplicate their idea, the creator can take legal action against them. The purpose of intellectual property rights is to provide protection for the new technology or product idea developed by a person. Intellectual property rights are meant to motivate more and more people to bring out new concepts and lead their businesses on the path of growth and success.
What Are the Different Types of Intellectual Property Rights?
Intellectual property rights can be of different types, depending upon what kind of product you need to protect. Here are the most common types of intellectual property rights:
Patents
A patent is a monopoly granted by the government, which makes a person the sole owner of their creation and gives them the right to sell, use or earn money from their invention. The time period for a patent is usually 20 years or less. After 20 years, if you do not get it renewed, anyone can use your invention, sell it, or claim it as their own. To get a patent, make sure your idea is new and valuable for the welfare of the people. The idea must be legal and approved by the court. Patents can be of different types, such as:
- Utility patent
- Design patent
- Plant patent
You can apply for the patent that best fits the nature of your invention.
Trademarks
A trademark can be anything: a word, phrase, symbol, design, etc. There can be a combination of one or more things within it. With the help of a trademark, your business will get recognition and brand status in the marketplace. Generally, a trademark is used in the case of tangible goods, whereas for services, the service mark may be used instead. Brands are a trademark that provides legal protection for your brand and helps make your product or service more memorable for customers. Applying for a trademark has many legal formalities that need to be completed. Hiring an experienced trademark attorney can be helpful to you in getting your goods registered under a brand.
Copyright
Copyright grants proof of authorship of works such as paintings, photography, poetry, stories, music compositions, sound recordings, films, blogs, play scripts, and other artistic works. Copyright offers a legal right to the creator to have ownership of their work and take legal action should anyone try to copy or duplicate their work. Copyright gives the creator the right to perform or display their work publicly and earn money through their work. Copyright is the most popular and widely used intellectual property right and is exercised by millions of people. It has a broader scope than any other form of intellectual property right.
Trade Secrets
Trade secrets are pieces of knowledge that are not known to the general public, and reasonable efforts should be made to maintain their confidentiality. A trade secret has an economic value to the person or business to whom it belongs. Business models, suppliers’ information, work methodologies, and customer databases are some of the most common examples of trade secrets. Be aware that all of your business-related information is not a trade secret. Only information of a kind that has the characteristics mentioned above can be called a trade secret.
Summing Up
These are some of the more common types of intellectual property rights that are bestowed by the government to improve creativity and encourage businesses to innovate and develop new skills. When protecting your intellectual property, you need to choose the most appropriate intellectual property right.
Are you looking for the best legal advisory service to help you fulfill the legal requirements to get your invention protected? Well, you have landed at the right place, and we are a group of trademark attorneys who can assist you in protecting the ownership of your creation.