A good way to protect your new business ideas or inventions is an exertion of your intellectual property rights. Did you know that intellectual property law gives you exclusive ownership rights to new ideas, arts, or inventions?
To know your intellectual property rights, you have to understand what intellectual property is. It simply refers to the ownership of creative ideas or designs. when you come up with a unique idea or invention. The law helps you protect it so nobody else can copy or reuse it without your permission.
Intellectual property law is a body of rules governing all areas of intellectual property. The purpose of this law is to give an incentive for creative work that benefits the economy. There are different types of intellectual including patents, copyright, trademark, and others.
Let us get into more details for a better understanding.
Types of intellectual property law
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Patents: Patents are used to protect rights for new inventions. It can also be used to gain profit when you sell the rights of ownership to someone else. It extends to things like products, designs, or processes. The patent law allows for sharing of new creations with others to promote innovation. This is done when a product is licensed, sold, or assigned to another person by the owner. A patent usually lasts between 14- 2o years and it expires after that. For an idea to qualify for a patent, it must meet the following criteria
- It must be a new idea
- It must be useful
- Finally, It must be non-obvious
Trademark:
Trademark is your brand identity. This could be in the form of a brand name, signature, color, label, or logo. Trademark protects business identities. When a business is newly created, the right to a trademark is automatically assumed when a business starts using a particular identity. You can register it with the rights authority within the states. A trademark distinguishes a business from another one. A famous example of a trademark is the Nike mark.
Copyrights:
These are the intellectual rights of the owner.it applies to writings, music, architecture, films, and original artistic expression. Copyright does not apply to theories or ideas, but to inventions that are captured in a fixed form. Copyright law protects the owner’s work if others copy, use, or display it without permission.
Trade secrets:
Trade secrets come in form of business processes, practices, or formulas used in the creation of its products. It is unique to each business and this gives a business a competitive advantage over another. A business owner would take appropriate steps to maintain the confidentiality of his trade secrets. An example is a formula for coca-cola.
Industrial design:
Also known as a design patent, an industrial design can be seen as the combination of lines and colours in any two or three -dimensional containing aesthetic value. An industrial design makes a product look appealing, therefore increasing its commercial value.
Geographical indications:
Geographical indications or signs are used on goods that come from a specific origin. some goods possess qualities, characteristics, or reputations that can be traced to a particular place. Usually, a geographical indication includes the name or the place of the origin of the goods.
Why is intellectual property law important?
Intellectual property law protects intellectual property rights. It contributes to any economy on a state and national level and is important for the promotion of creativity and innovation. Without that, there will not be full compensation for businesses and individuals for their creations and inventions and they will suffer as a result.
Intellectual property rights are important in the following ways:
It promotes economic growth and competitiveness
Businesses and creatives tend to focus more on new research and developments to develop their products. Intellectual property recognizes the importance it has on the economy and it protects it, t\his leads to growth and healthy competition in the economy
It promotes innovation and rewards entrepreneurs
Intellectual property rights incentivize entrepreneurs, authors, and inventors to keep pushing in the face of challenges. Under the patent law, information can be shared and this leads to new developments and improvements on old ones.
Intellectual property rights protect consumers and families
Many families and consumers like to rely on trademarks of businesses to ensure they are purchasing safe, quality, and authentic products. It helps them make an informed decision about the reliability of their purchase. Intellectual property rights
It helps provide solutions to global challenges
Intellectual property rights drive the discovery of green technologies, and new health and agricultural products that are critical to saving lives and providing solutions to global problems.
Related terms you should know
Infringement: This is the unlawful use of protected material under intellectual property law.
Non-disclosure agreement: For the protection of trade secrets. it is a document that legally binds a confidential agreement. it is usually a contract.
Patent troll: A patent troll defines companies that claim intellectual property rights for services they don’t provide.
Plagiarism: this is the act of copying another person’s work and taking credit for it.
Non-complete clause: a non-compete clause is a legally binding contract, where one party agrees not to enter a trade similar or compete with the other party. This is so as to avoid competition between two parties, usually between an employer and an employee.
What do intellectual property lawyers do?
Intellectual property lawyers are a professional that practices IP law. They guide businesses through the processes of knowing and exerting their intellectual property rights.
Their duties may include;
- Giving legal advice to clients on actions involving intellectual property.
- Reviewing and creating important legal documents such as trademark papers and patents
- Advice clients on viable ways to distribute products in the market.
- Creating new contracts or licensing agreements
- Conducting new research to help with a court case
- Representing clients in court
- Filing lawsuit
- Negotiation on settlements on behalf of the client
An intellectual property lawyer should possess abilities in the art of communication, writing, organization, analytical reasoning, and excellent attention to detail.
