what do you understand by Intellectual Property Rights?

What is Intellectual Property?

Intellectual property is the legal rights associated with intangible assets owned by a person or a company and protected against use without consent. Intangible assets include non-physical property. 

Types of Intellectual Property :

 There are mainly four types of Intellectual Properties.

PATENTS –

 A patent is used to prevent an invention from being used or sold by another party without permission. Patents are the most common type of intellectual right that comes to people’s minds. . To receive a patent  your idea must meet four requirements :

• Your idea must be “NeW”
• It idea must be “useful”
• the idea must be “non-obvious”
• Your idea must be “patentable”

1. TRADEMARKS-

  A trademark can be any word. The phrase, symbol, design, or combination of these things identifies your good and services. It’s how customer recognizes you in the marketplace. We tend to use the term “trademark” generically for both trademark and service mark. Trademark is used for “goods” and service mark is used for “services”. Although a company or a sole proprietor can take guidance from an income tax consultant. The no of the amount a company has to pay to buy the trademark for its product or services.  

Benefits of Trademark : 

• Identifying the source of your goods and services. 
• Providing legal protection for your brand.

Some examples include McDonald’s golden arch, Facebook logo, and so on. 

A trademark can come in the form of text, a phrase, symbol, design, smell, or color scheme. Unlike Patents, a Trademark can protect a set or class of products or services instead of just one product or services 

2)  COPYRIGHTS –

copyright law protects the right of the original creator of original works of intellectual property. Unlike Patents, the copyright must be tangible. For example, you cannot copy an idea, but u can write down an original speech, poem, or song and get copyright. The copyright owner has an exclusive right to sell/publish or reproduce any dramatic/architectural work created by the author.

3)  TRADE SECRETS – 

Trade secrets are the secret of a business or a company registration intellectual property that isn’t public, has its economic values, and carries information. They may have a formula, recipe, or process used to gain a competitive advantage. This is a critical form of protection that can help businesses gain a competitive advantage. 

Although intellectual property rights provide a minimum amount of protection. when utilize properly, they give the maximum benefit and value of an invention. It also enables world-changing technology to be developed, protected, and monetized. 

FREQUENTLY ASKED QUESTIONS (faqs)

Question –  What is the importance of IPR?

Answer-  Intellectual property rights are one of the most important rights that an inventor can enjoy. For his invention in any means, like if the inventor wants to protect his art, drama, music, or anything. It should not be taken away or reused, sold, or copied by anyone without his permission. In that case, the inventor can use such rights.

Question – what are the disadvantages of Intellectual property rights?

Answer –   Getting the protection for the first time, could be a bit expensive in case the product involves the design and other processes.