Any ideas or expertise with a monetary worth is referred to as intellectual property. Novels, songs, and movies are some examples of artistic works. Intellectual property is a term that refers to a company’s new invention or technique. Trademarks, copyrights, and patents can be filed for certain goods for the person who holds the recognition to obtain a cash return. Patents and inventions are examples of intellectual property. A police case can be put on a person or an organization who copies others’ intellectual properties and use them without their permission.
Intellectual property includes trade secrets, confidential or proprietary information, copyrightable or creative works, ideas, patents, and innovations.
Types of Intellectual Property:
There are many types of intangible Intellectual properties. some of them are listed below:
Patents: A patent is a property right granted by a government agency, such as the United States Patent and Trademark Office, to an investor. The invention, which could be a design, a technique, an improvement, or a physical machine, is granted exclusive rights to the inventor by the patent. Design patents are widespread among technology and software firms. In 1980, for example, Steve Jobs and three other Apple Inc. employees filed a patent for the personal computer.
Copyrights: Copyrights give authors and creators of creative material the exclusive right to use, duplicate, or replicate their work. Copyrighted works are owned by both musicians and authors of books. The original creators can also license rights to use the work to anyone through a licensing agreement, according to Copyright.
Trademarks: A recognizable symbol, phrase, or emblem that represents a product is called a Trademark. It also separates it from its competitors. When a firm is given exclusive use of a trademark, it means that no one else is allowed to use or copy it. A trademark is usually used in conjunction with a company’s brand. Company logos with special effects are examples of trademarks.
Franchises: A franchise is a license that allows a company, individual, or party–referred to as the franchisee–to use the name, trademark, proprietary knowledge, and procedures of a corporation.
A franchisee is a small business owner or entrepreneur who owns and operates a franchise or store. With the use of a license, the franchisee can sell a product or provide a service under the company’s name. The franchisee pays the franchisor a start-up fee as well as ongoing license payments in exchange. The franchise business model is used by companies in the food industry. Some examples of franchise business models include McDonald’s Subway and H&R Block.
Trade Secrets: A trade secret is a technique or practice used by a corporation that is not widely known and gives a financial benefit or advantage to the company or the holder of the trade secret. Trade secrets, which are frequently the result of a company’s research and development, must be carefully preserved.
Trade secrets include things like a design, pattern, recipe, formula, or proprietary method. Trade secrets are used to develop a business strategy that distinguishes the company’s products from its clients while also providing a competitive edge.