Protecting Your Business: 3 Examples of Intellectual Property You Need to Know About
As a business owner, you invest your time, money, and effort into creating and developing your intellectual property. Intellectual property (IP) refers to a category of property rights that includes patents, trademarks, copyrights, and trade secrets. These IP rights protect your creations from others’ unauthorized use or exploitation, and you cannot ignore their importance. Here are three examples of intellectual property you need to know about.
1. Patents
Patents are legal rights granted for an invention, typically a product or process, that is novel, non-obvious, and useful. Patents provide exclusive rights to prevent others from making, using, selling, or importing the same invention during the patent’s term, usually 20 years from the filing date. As a business owner, obtaining a patent can be beneficial as it can help protect your invention and prevent others from stealing your idea.
For example, the global technology giant Microsoft holds a significant number of patents. Its patents on technologies such as cloud computing and artificial intelligence have helped Microsoft maintain its competitive advantages.
2. Trademarks
A trademark is a distinctive word, phrase, symbol, or design that identifies and distinguishes the source of goods or services from those of others. Trademarks can be registered or unregistered, but registration provides stronger and broader protection. Trademarks help protect your brand and reputation and prevent others from using similar marks to deceive or confuse consumers.
For example, Apple has established itself as a global brand and trademarked its logos and the name “Apple.” This has given Apple exclusive rights to use these marks on its products and services and prevent others from using them for similar products.
3. Copyrights
A copyright is a set of exclusive rights granted to the creator of an original work, such as literary, artistic, musical, or dramatic works. Copyright protects the expression of the idea, not the idea itself, and arises automatically upon the creation of the work. Copyright owners have the exclusive right to make, distribute, and display copies of their works and prevent others from doing so without permission.
For example, Disney has copyrighted its animated movies like Frozen and Toy Story. This has given Disney exclusive rights to use, reproduce, and sell copies of these movies and prevent others from doing so without Disney’s permission.
Conclusion
Intellectual property plays a crucial role in protecting your business’s innovation, creativity, and competitiveness. Patents, trademarks, and copyrights are three examples of IP rights that every business owner should know and use strategically. By protecting your IP, you can deter potential infringers, secure your market position, and create a sustainable business advantage.
