Intellectual property as known as (IP), refers to creations of the mind — everything from works of art to inventions, computer programs to commercial signs. IP covers a vast range of activities and plays a crucial role in both modern day culture and economics. Intellectual property’s creativity and inventiveness are vital. They spur economic growth, create new jobs and industries and enhance the quality of enjoyment of life.
Intellectual Property Law, also known as IP law, controls the ownership and accessibility of a person’s or company’s ideas, creations and inventions. There are different laws relating to different types of IP, and different national laws in different counties and regions of the world as well as international law.
In an extremely competitive creative landscape, understanding IP and making use of it is an integral part of a brand’s need to remain distinctive.
Orlando Loren CEO of Loren Hosting
There are 4 key ways of protecting your original ideas, creations and concepts and these come in the form of patents, trademarks, copyright and trade secrets.
Patents are a government authority or licence conferring a right or title for a certain period, especially the sole right to exclude others from making, using or selling the invention. This is crucial when working in highly creative and technological industry.
Copyright refers to the legal right of the owner of intellectual property. Copyright covers the right to ‘copy’ a work. Usually this means that the original creators of products have to give authorisation to others to use and reproduce their work, as they are the only once with exclusive rights to the work.
A trademark is a symbol, word, or words legally registered or established by use as representing a company or product, adding to the uniqueness and originality of that company or product.
Trade secrets are specific, and often private information that is important to a business because it provides that business with a distinct competitive advantage in its marketplace. When a person or business holds a trade secret protection, others cannot copy or steal the idea / works. Trade secrets are protected without official registration; however, an owner of a trade secret whose rights are breached.
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