2021-05-10
Intellectual property, also known as IP, is a broad term that covers many different elements. Original concepts, ideas, designs, inventions, and other creative work are all types of intellectual property. The importance of intellectual property protection has become even more important with the dawn of the digital age, where information is easily accessible.
Protecting intellectual property is an important step in deterring others from using, making, selling or copying your work. It also provides a potential source of income and recognition if appropriately leveraged.
There are several ways to protect intellectual property. The most well known are copyright, trademark, and patent. Industrial designs and trade secrets may also be used to protect specific types of IP. All these protections provide some exclusive rights to your work, particularly regarding its commercial use. As part 1 of our mini-series, let’s learn what copyright, trademarks and patents cover:
Copyright (©)
Copyright is one of the most familiar terms associated with intellectual property. Copyright protects artistic, written, and dramatic works of art. From statues to Broadway shows, copyright is pervasive in our world. As the owner, you essentially have access to the entirety of the copyright, which encompasses the moment of creation—even without registering. However, experts postulate that it’s always best to validate your ownership of the work with a registration.
Ownership can be an important aspect of legal disputes and having a registration certificate can aid an owner. Copyright expires 50 years after the author’s death. The lifespan of copyright may be changed through changes to the Copyright Act and International Treaties.
Trademark (™/:Registered:)
When it comes to business and product names, symbols, logos, designs, and even phrases used in marketing campaigns, registered trademarks can be invaluable. Creating a strong brand identity can result in improved customer brand loyalty and can be used to prevent potential competitors from using the same or similar visuals, words, and other marks in an attempt to make a profit from your brand.
Unlike copyright, trademarks do not come with expiration dates. All the rights to the logos and other branding elements are in perpetuity on the owner’s end, but added protection is always helpful for all trademark owners. Consider filing for trademark registrations to confirm that the intellectual property is properly protected and provides the greatest protection available.
Patent
For inventors and innovators, creating unique products is a part of everyday life. This often refers to machines as equipment, but can also encompass methods, processes, systems, chemical compositions and improvements to existing inventions. Unlike trademarks and copyright where there is some protection even without registration, the only way to protect an invention that can be reverse engineered is through the filing of patent applications. A failure to timely file for a patent results in the loss of patent rights and allows any competitor to use your invention without issue.
Patents provide owners with the exclusive rights to make, use and sell their invention. This allows owners to actively dissuade others, through cease and desist letters and law suits, from making, using or selling the invention without permission. Patents are generally valid for up to 20 years from the day of filing, assuming an issued patent is obtained. Different countries have different requirements for renewal fee payments.
The Bottom Line
When it comes down to it, we can safely deduce that intellectual properties are business assets that require protection. You can use your intellectual property to set you apart from competitors. Successfully leveraging IP protection can create a revenue stream that no one else is entitled to.
If you’re still unsure about how IP works or which is appropriate for your situation, we would be happy to assist. Book a consultation today.
