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INTELLECTUAL PROPERTY RIGHTS IPR-protection-ideas-801x684 (CATEGORIES OF…
INTELLECTUAL PROPERTY RIGHTS 
CATEGORIES OF INTELLECTUAL PROPERTY RIGHTS
COPYRIGHT :check:
A copyright protects artistic and literary work. The holder has complete rights and control over adaptation or reproduction of the work. Copyrights last for up to 70 years after the innovator’s death
TRADEMARK :check:
Trademarks are distinctive phrases, words, symbols or signs. They distinguish services or products of one company from the others. Brands usually associate with distinctive trademarks
DESIGN :check:
A design protects the outward appearance or the visual style of an object. It does not protect unseen design elements of the product.
PATENT :check:
A patent is issued to protect an invention. It gives the holder the right to prevent anyone from making, using or selling the patented invention for a fixed time period (usually 20 years from filing date).
TRADE SECRET :check:
A trade secret is a practice, design, formula, process or a compilation of information. This information is utilized by a company to gain competitive advantage over the others. Trade secrets are not disclosed to the world. An example of intellectual property rights is the trade secrets obtained by Coca-Cola for its formula.
IMPORTANCE
The progress and well-being of humanity rests on its capacity for new creations in the areas of technology and culture
Legal protection of new creations encourages expenditure of additional resources which leads to innovations
The promotion and protection of intellectual property spurs economic growth, creates new jobs and industries, and enhance the quality and enjoyment of life
Intellectual Property Rights reward creativity and human endeavor, which fuel the progress of human kind
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EXAMPLES
Multi-Billion Dollar film,recording,publishing and software industries would not exist without copyright protection
Consumers would have no means to confidently buy products or services without reliable, international trademark protection and enforcement to discourage counterfeiting and piracy
Researchers and inventors would have little incentive to continue producing better and more efficient products for consumer without patent systems
The legal rights which result from intellectual
activity in the industrial, scientific, literary and artistic fields. (WIPO Intellectual Property Handbook)
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