Intellectual Property to Protect Practical and Innovative Inventions
Intellectual property refers to rights over artistic and literary works, inventions, designs, images, and symbols. There are two main types – copyright and industrial property. The latter comes in different forms such as commercial designs, trademarks, patents, and others. Copyright gives exclusive rights to broadcasters, producers, and artists. It includes artistic and musical works, films, novels, and other works.
A patent is a type of grant that is made by the authorities and gives the inventor the right to sell, use, and produce a new product or item within a certain period of time. To be patented, a product must meet some conditions. It must be novel and practical. The types of inventions that are patentable vary from one country to another. New medical treatments, animal and plant species, mathematical formulas and scientific hypothesis and theories are not patentable in most countries.
Regional and national offices grant patents that serve to protect different inventions. It is up to the owner to decide whether he will give a license or permission to third parties. A trademark is also a type of intellectual property that identifies a particular service or product. It may be in the form of a sign, symbol, or expression. It can be a package design, slogan, logo, phrase, or word or a combination of words and symbols. In fact, a shape, color scheme, color, smell or sound can be used as a trademark. Package delivery companies use the brown color, for example. Unlike copyrights and patents, a trademark represents a brand name. The aim is to distinguish a service or product from others. Some companies use the services of private attorneys. They conduct a comprehensive search of state and federal registrations and offer legal advice throughout the application process. Some bar associations and attorneys offer advice free of charge. They help small businesses and individuals who are underfunded. Applicants provide information such as the date on which the trademark was first used, the services and products for which it will be registered, design components, and others.
Copyright applies to a number of artistic and intellectual creations such as software, paintings, recordings, motion pictures, theatre plays, doctoral theses, poems, books, and others. Literary works are not limited to literature only but include works based on numerical or verbal symbols. Examples of audio visual works are slide presentations, film strips, and others. Different acts are considered copying, including distributing, creating derivative works, and reproducing copies. There are different ways to distribute copies. Examples include lending, lease, rental, and the transfer or sale of ownership.
There are different types of copyright rights, including synchronization, performance, publishing, and mechanical rights. Mechanical rights protect sound waves and sheet music that are recorded. Performance rights are granted to protect songs performed on radio or TV, in restaurants, bars, and other settings. There are also synchronization rights. If a company or person wants to use your video, melody, lyrics or anything else, they have to ask for permission. This applies to films, TV shows, commercials, etc. Copyright also applies to graphic and sculptural works such as blueprints, diagrams, maps, and prints. Musical works fall in another category that covers tunes, melodies, and lyrics. Copyright applies to TV scripts, screenplays, and other dramatic works.
Sound recordings such as audio CDs, records, different arrangements and tempos are also subject to copyright. Architectural works are another category that covers graphic and sculptural elements and designs.
Other Types of Intellectual Property
In addition to copyrights and patents, there are other types such as trade secrets, trade dress, and industrial design rights. Trade secrets give businesses a competitive edge and economic advantage. Examples include patterns, innovative designs, good practices, and formulas. Trade dress refers to different marketing strategies and the way in which a product or service is advertized, labeled, or packaged. It refers to the physical appearance of a product - its texture, design, color, or shape. Finally, industrial design rights protect the design of products, including components such as color, pattern, and shape.
Asset Classes That Bring Long-Term Benefits
Assets can be categorized in different ways, but the main classes are tangible and intangible. They can be subdivided into fixed and current, and examples include furniture, machinery, and real estate. Intangible Assets and Economic BenefitsBrands, goodwill, and intellectual property fall in this...