What is meant by Intellectual Property ?
Intellectual property is a right you have on your creations, like a film, a musical composition, an invention, a brand name, etc. Like any other real property, you have the right to own and protect the creations of your mind. Such a right is called intellectual property. If you have an intellectual property (IP) over any of your work or ideas, others need to take your permission before using it. Otherwise you can initiate legal action against such persons. Intellectual property refers to the right over the intellectual work and not the work itself. The work can be either artistic or commercial. The artistic works come under the category of copyright laws, while the commercial ones, also known as industrial properties, are ruled by copyrights, trademarks, industrial design rights and trade secrets. Copyright laws deal with the intellectual property of creative works like books, music, software, painting, etc. Industrial properties cover those created and used for industrial or commercia
Intellectual Property is the Property, which has been created by exercise of Intellectual Faculty. It is the result of persons Intellectual Activities. Thus Intellectual Property refers to creation of mind such as inventions, designs for industrial articles, literary, artistic work, symbols which are ultimately used in commerce. Intellectual Property rights allow the creators or owners to have the benefits from their works when these are exploited commercially. These rights are statutory rights governed in accordance with the provisions of corresponding legislations. Intellectual Property rights reward creativity & human endeavor which fuel the progress of humankind. The intellectual property is classified into seven categories i.e . (1) Patent (2) Industrial Design (3) Trade Marks (4) Copyright (5) Geographical Indications (6) Lay out designs of integrated circuits (7) Protection of undisclosed information/Trade Secret according to TRIPs agreements.
