INTELLECTUAL PROPERTY
Have a bright idea that you’re sure will take the world by storm? Well, Bright Ideas will remain bright only if it’s protected!
Intellectual Property (IP) is a form of intangible assets that are mainly created by the mind or human intellect. This can come in different forms such as stories, designs, inventions, writings and even discoveries!
Yes, a successful business will have its own intellectual properties and it is in the best interest of a business if an IP Intellectual Property is protected under the Intellectual Property Rights (IPR)!
Why is intellectual property
All great creations start with a bright idea. A bright idea is like a golden egg waiting to be hatched. A business must do its best to protect this egg until it hatches and bring prosperity.
For a BUSINESS:
IP intellectual property protection is something that is inevitable as the Intellectual Property business is crucial to encourage innovation.
An intellectual property without any protection might cause a loss or waste of money and time used during the R&D stage.
Intellectual property protection can also create a sense of security for investors or potential buyers as it ensures them that the idea or proposal is not seen anywhere else in the market.
How do you protect intellectual property?
Now that you understand the importance of protecting intellectual property, What are the different types of intellectual property rights (IPR) that a business should know about?
- Trademark
- Patent
- Copyright
- Industrial Design
Trademark vs Patent vs Copyright vs Industrial Design
What are the differences and in what situations do we use these different Intellectual Property Rights (IPR)?
Trademark | Patent | Copyright | Industrial Design |
Trademarks or trade mark are used to protect any graphic or sign that can distinguish each brand from another. | Patent protection is viable for a pioneer’s new process, product, method or technical solution to a problem. | Copyright protection is exclusively for the authors or performers regarding their work and performances. | Industrial Design is used to protect the overall appearance of a product or an article of manufacture or handicraft. |
Lasts for 10 years after the submission date of the trademark application. Though, you will have to renew the trademark application every 10 years before it expires. | Patent protection will last for 20 years with an annual maintenance fee. | Copyright infringement can be prevented as long as the author is alive with another additional 50 years after the death of the author. | IP Intellectual Property that is viable under industrial design will require renewal every 5 years to a maximum of 25 years. |
Logos with slogans, words or a combination of bot. | The details for the invention of traffic lights, safety razors, microwave ovens and even robots. | Creative works such as writings, choreography, literary works or visual art. | The overall design of a product such as a bottle, or a mobile device. |
FAQs
Frequently Asked Questions
Is logo copyright or trademark?
Logo copyright is a common misconception where a logo is actually protected by a trademark! Trademark protects the logo and the slogans while copyright does not protect these slogans in a logo design.
What happens if there is no logo copyright?
As said, logo copyright is considered slightly incorrect. However, if the world is without copyright, it is without a doubt that it would be a major obstacle to innovation. Artists would not survive for long as their creations are not financially protected.
What happens if you conduct intellectual property infringement?
An infringer will be condemned to fines, confiscation of said materials, revoke or suspension of business operating license or face civil charges by the victim.
Can intellectual property be sold?
Intellectual Property can be sold with a few easy steps! Do ask us for more information, as we are eager to help you!