Ignorance of the scope of intellectual property rights can cause many problems, both in the professional and academic fields. Knowledge of this topic is essential to avoid severe and even legal issues.
Many times, we need to learn how to handle ourselves in this regard, and we commit violations against protected products or materials without even knowing or being aware of them. To avoid this, it is necessary to understand what intellectual property is, what it is for, and what its importance is.
What is intellectual property?
Intellectual property (IP) allows us to protect all intangible creations produced by humans, such as literary and artistic works, inventions, images, names, and symbols.
By doing this process, all assets of this nature belonging to a person or company are legally safeguarded against external or improper implementation or use without the creator’s consent.
Generally speaking, all legally established companies own some type of intellectual property.
What is intellectual property for?
Intellectual property serves, in particular, to ensure that, just as physical objects (tangible assets) can be protected, the products of human intellect can be supported.
This is achieved because intellectual property is protected by law, whether through patents, copyrights, or trademarks, allowing people to obtain recognition or financial benefits from what they create or invent.
One of the main objectives of the IP system is to foster a safe environment in which creativity and innovation can converge.
If you lack the foundations to achieve this, it is best to train in this regard to reap the maximum professional and academic benefits.
Why is intellectual property important?
Intellectual property rights enable organizations to protect their business and research and development activities. Likewise, they allow them to block competitive products, deter potential entrants, and clear a technological path for future market participation.
In addition to serving as collateral, IP also helps generate value, as it represents an asset that can even be used as collateral for a loan.
With idea protection, companies and individuals would be able to access all the benefits of their inventions and would only want to spend a little bit of time on research, as they would not gain anything.
Likewise, artists would not receive fair or total compensation for their creations, which would seriously affect cultural vitality and development.
Types of intellectual property
Different types of intangible assets constitute intellectual property. Some of the most common and important are the following.
Registered trademarks
Registered trademarks are symbols, phrases, or logos that identify a product and legally distinguish it from other products. Registration with the Patent and Trademark Office protects all of these elements.
This type of intellectual property is assigned exclusively to an organization to ensure that it is the sole owner of said brand and so that no one else can use or copy it.
Patents
For an investor, a patent is a property right that grants exclusive rights to exploit inventions, such as a design, process, improvement, or machine, for a specified period. Generally, it is given by a government entity.
Companies that belong to the technological and software fields have the most patents for their designs. For example, Steve Jobs and three of his partners obtained the patent for the personal computer in 1980, when they filed it.
Copyright
The legal term “copyright” refers to the ownership rights that authors and artists have over their creative works, including the ability to utilize, duplicate, and copy them.
These intangible assets range from books, paintings, music, sculptures, and films to computer programs, databases, technical drawings, advertisements, and maps.
Copyright also establishes that the original authors can allow or authorize others to use the material through a licensing agreement.
Trade secrets
Trade secrets are strictly confidential information that has economic value to a company.
Organizations must actively protect trade secrets, which are generally the result of a company’s development and research.
Some examples of this type of intellectual property are recipes, formulas, or patented processes.
Franchises
Franchises are licenses that a person or company purchases to use a company’s name, trademark, processes, and proprietary know-how.
Usually a small- or medium-sized business owner or entrepreneur, the franchisee grants the rights of use in return for an initial fee and ongoing licensing fees. This person runs the store or franchise.