Intellectual property is nothing but intangible creations of the mind. It includes inventions and discoveries, literary and artistic works designs, symbols, words, phrases, names and images used in commerce. Law protects intellectual property as a result of which you can be benefited for what you have invented or created. The main aim of Intellectual property is to provide a conducive environment so that innovation can proliferate.
If you violate intellectual property rights, then you will be breaching civil law or criminal law depending on the nature of intellectual property involved.
Main objectives of Intellectual property rights
- Flourish of Innovation: Intellectual property rights help in flourish of innovation. You will be more encouraged to use your creativity and innovation. With the advent of Intellectual Property rights, more state of the creations can be seen.
- Financial Incentive: By patenting or copyrighting your work, you will earn financial incentive. Moreover, financial incentives have played a major role in enhancement of creativity since time immemorial. So, the moment you gain financial incentive, you will start investing more in creativity.
- Economic Growth: The economy of a country depends on the total goods and services produced in that country. So, the more financial incentive an individual earn through Intellectual Property Rights, the higher is the net worth of that particular country. Hence, through innovation, it also leads to overall economic growth of the country.
Different Intellectual Property Rights
- Copyright: It is a legal right. It gives exclusive right to the creators over their works. Such work encompasses movies, songs, drawing, programs, software etc. However, names, short phrases or listings are not included in US copyright.
- Patent: If you invent something, you can have exclusive right over it in the form of patent. It also gives authority to the owner as to who will use the invention and in what way it shall be used.
- Trademark: The most convenient way to judge how a product of one company is different from the same product of other company is through the sign of trademark.
- Industrial design: Industrial design is another important intellectual property right. If you are the owner of an industrial design, you have sole right over such design and you can prevent anyone from copying your design. Hence, no third party can create or build article with similar design.
- Geographical indication: Some products or goods have certain qualities or characteristics which can be attributed to the place from which those products or goods have originated. In such scenarios, the goods or products will bear the name of the place from which they have originated. Such signs are called geographical indications.
- Trade secrets: The process or formula by which a certain product or dish is made is commonly known as trade secret. However, this right is not formally protected by law; hence the concerned company which prepares the product must keep it a secret. If the company can maintain the trade secret, it will have edge over the others.
Ways to protect your Intellectual Property
1. Proper knowledge about Intellectual Property
First of all, it is very important to know what intellectual properties are really are. You should know the different types of intellectual property rights and how each one of them works. You should also know which intellectual property right is applicable in what scenario. It is important to know what the penalties are if such rights are violated.
2. Documentation
The next most important thing is to document your idea. Documentation proves that the idea was yours. It is also important to mention dates when the idea was documented. Affixing the date proofs when the idea was being documented.
3. Application
It is very important to file a provisional application for a patent. First of all, find a patent attorney. Secondly, decide what kind of patent is required. And then, the formal application can be filed. It is very important to follow up the application to understand at what stage the patent filing process is at. Even if the patent filing is in the draft stage, no third party can file patent for the same product.
4. Maintaining Secrecy
Prevention is better than cure. Hence, it is very important to maintain secrecy. You should be choosy about who you share your idea with, and what details you reveal. Make sure to avoid joint ownership of intellectual property at all costs. It is axiomatic that the law helps those who help themselves. Thus, companies can obtain protection for their trade secrets only if they have engaged in reasonable efforts to keep the information confidential. What constitutes reasonable efforts varies from case to case. Joint ownership is problematic as it creates problems later, hurting all parties involved. Passwords alone are obsolete.
5. Non-Disclosure Agreements
Signing a Non-Disclosure Agreement is another efficient way to protect Intellectual Property. A non-disclosure agreement is a legal contract. It involves contract between two parties that focuses on material which is highly confidential. If such documents are signed, no other parties can reveal your secret. Otherwise, it will bring criminal prosecution. Criminal prosecution involves fine and even jail term.
Final Notes
In the past, the only ways of protecting Intellectual Property was through traditional techniques and solving discrepancies in Court. However, certain techniques like Digital Rights Management systems are widely in use in the present. In the United States, the process of “first to file” is followed and as such, the first person to apply shall get the patent. Nowadays, people tend to publish the article which was supposed to be a secret and reference it widely attributing to the company’s name. In this way, employing both classic and modern methods, the Intellectual Property rights can be protected.
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