Intellectual property

Intellectual property (IP) is a category of property that includes intangible creations of the human intellect. There are many types of intellectual property, and some countries recognize more than others. The most well-known types are copyright, patents, trademarks, and trade secrets.

Overview

Intellectual property laws vary widely from country to country, and can be affected by various international treaties. The main purpose of intellectual property law is to encourage the creation of a wide variety of intellectual goods for consumers. To achieve this, the law gives people and businesses property rights to the information and intellectual goods they create, usually for a limited period of time.

Types of Intellectual Property

Copyright

A copyright is a legal right that grants the creator of an original work exclusive rights to its use and distribution, usually for a limited time, with the intention of enabling the creator to receive compensation for their intellectual investment.

Patents

A patent is a form of right granted by the government to an inventor, giving the owner the right to exclude others from making, using, selling, offering to sell, and importing an invention for a limited period of time, in exchange for the public disclosure of the invention.

Trademarks

A trademark is a recognizable sign, design or expression which identifies products or services of a particular source from those of others. The trademark owner can be an individual, business organization, or any legal entity.

Trade Secrets

A trade secret is a formula, practice, process, design, instrument, pattern, or compilation of information which is not generally known or reasonably ascertainable, by which a business can obtain an economic advantage over competitors or customers.

Intellectual Property Rights

Intellectual property rights (IPR) are the rights granted to the creators of IP, and include trademarks, copyright, patents, industrial design rights, and in some jurisdictions trade secrets. These rights can be enforced by a court via a lawsuit. The reasoning behind intellectual property rights is to provide incentive for people to develop creative works that benefit society, by ensuring they can profit from their works without fear of misappropriation by others.

See Also

• Copyright infringement
• Patent infringement
• Trademark infringement
• Trade secret misappropriation