What is Intellectual Property?
Intellectual Property (IP) is a term used to describe the products of human ingenuity which can be owned and dealt with as a form of property due to a body of laws relating to patents, trademarks, industrial designs, copyright, plant breeder’s rights and chip protection legislation. These laws give the IP owner the right to prevent others from using the invention or other subject matter related to the IP without its owner’s permission.
Intellectual Property (or “IP”) is the term used to cover “intangible assets”, therefore, something owned by an individual or company that does not have a fixed physical form; with the exception of a description or image on paper. The term IP covers a wide range of aspects, including: Inventions; trademarks; brand names; logos, art and designs; music, software codes; confidential information and trade secrets. Many forms of IP rights are registerable. Such rights include: Patents for inventions; design registrations; trademark registrations. The exception is the area is copyright. Areas of copyright include creative designs and common law rights within the area of trademarks. More recently copyright can be applied to software also.
Intellectual property is an umbrella term referring to commercially valuable creations of the mind. These creations include inventions, artwork, symbols, names, and designs. Intellectual property protection options include copyrights, trademarks, and patents. The appropriate protection option depends on the work itself. For example, a copyright may protect creative expression such as a painting, a book, or a jewelry design. A trademark may protect a word, logo, symbol, or design that identifies the creator of a product. A patent may protect new technological innovations.
