What is Intellectual Property?
Intellectual property refers to the non-tangible creations and ideas of human mind, artistic and literary and names, symbols, designs and images used in commerce. Intellectual property is basically divided in two categories namely:
Industrial property: it includes 
patents (inventions), industrial designs, trademarks and geographical indications of sources.
Copyright: it includes artistic and literary works like novels, plays, poems, films, musical works, drawing, painting, sculptures, architectural designs and photographs.
It is important to safeguard your intellectual property. The creator has the monopoly over his creations which enable him to enjoy its benefits. Right on the intellectual property can be protected by:
- Patents on the innovation
- Trademarks on branding practices
- Copyrights on videos, music, patterns, and all literary work
- Trade secrets for the formula of economic value or have commercial significance.
Patents: you can ask for a grant on an invention made by you from the United States patent and Trademark office. It means you have all rights reserved on the use, sale and distribution of your invention for a stipulated period of time. It is normally, 20 years from the date of filing in for the patent rights. You must get your patents as it safeguards your economic interest.
Trademarks: it helps you save your name, sound, symbols and colors which distinguish you from the others in the same category. You can renew trademarks for as long as you like as you use them in your commerce. A business uses it for promoting the brands using a logo, symbol or a design. It is important to register a unique trademark which can make you stand apart in the competition.
Copyright: it is an exclusive right of ownership and grants protection to all the literary, musical, artistic, dramatic and intellectual works. It safeguards the expression and not the subject matter. You hold the right in connection of its publication, distribution and even adaptation. The age of a copyright is the age of the creator plus 50 to 70 years after his death. It may vary from the state to state.
Trade secret: it includes formula, compilation, device, method, program or a technique that one uses in the business and makes good amount of money. It generally, has an advantage over the business competitors who are unaware of its benefits. It helps the inventor to take a lead in the market and proceed accordingly.
Jennifer is a professional family lawyer based in Bosnia. Her English is not perfect, but she hopes to make up for her lack of language skills with her love of the law!
Jennifer,
I would like to use the graphic of the copyright you used in your article for an educational PowerPoint for students on intellectual property. Where did you find it?
laura@crf-usa.org
Laura, it’s a free stock photo from sxc.hu!