Unlike the tangible assets we own, an Intellectual Property or IP cannot simply be purchased in the free market. Intellectual properties include the non-tangible products which are a result of one’s conceptualization and intellect.
While the creation of intellectual property has been a part of our economy for a long time, legal safeguards for the protection of their ownership are more recent. These safeguards make sure that these intellectual assets are not misused, stolen, or worse, claimed as someone else’s effects. The four major categories of Intellectual Properties include Patents, Copyrights, Trademarks, and Trade Secrets. Here’s an in-depth look at all of these types of intellectual properties:
Patents
A Patent is a type of intellectual property right that grants exclusive rights of ownership to the inventor of a unique product or design. This system of patenting has been in place to encourage more inventors to create unique and useful products for the benefit of the economy and the society at large in exchange for exclusive ownership rights. The popular types of patents include Utility Patents and Industrial Design Registration.
Copyrights
A Copyright is another form of intellectual property right which safeguards one’s right of ownership over original works. The original, artistic creations which are eligible for copyright protection include literary works, photographs, paintings, artwork, software, movies, and other types of artistic works. The copyright protects the authors’ exclusive right to reproduce, sell, publish, or distribute his work. The copyright also aims to discourage and penalize those who try to use these original creations for their own personal profitability, artistic ambition and fame.
Trademarks
One only associates a ‘tick mark’ with the brand Nike because it serves as a representative symbol for the brand and acts as their trademark. Similarly, a trademark is a sign, symbol, name, or a phrase which one associates with a person’s or a company’s exclusive services. A trademark is an invaluable intellectual property because it indicates the identity of the company or person responsible for the product or service to the customers. IP lawyers in Edmonton see cases of other brands using a trademark as an unfair marketing tool for their own promotion.
Trade Secrets
A trade secret is a type of intellectual property which is not specifically concerned with the protection of the final product but with the protection of the means, steps, procedure or the formulae involved in creating this final product. For example – a famous burger eatery would certainly worry about the safekeeping of their exclusive recipe to retain the uniqueness of their burger. IP lawyers in Edmonton deal with situations regarding maintaining trade secrets and loss of trade secrets.
The importance of intellectual property cannot be understated, with disputes and settlements between concerned parties becoming more common. If you are worried about retaining the exclusive rights of your creations, you should consult the IP lawyers and agents in Edmonton at Prowse Barrette LLP. They can assist with the protection of your intellectual property and assist with intellectual property litigation if needed.