Please enable JavaScript.
Coggle requires JavaScript to display documents.
Intellectual Property Right (Advantages of Intellectual Property (There…
Intellectual Property Right
Definition
Intellectual property (IP) refers to creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names and images used in commerce.
Types of Intellectual Property
Patent
A patent protects an invention. It gives the holder an exclusive right to prevent others from selling, making and using the patented invention for a certain period (typically 20 years from filing date)
Copyright
Copyright protects the expression of literary or artistic work. Protection arises automatically giving the holder the exclusive right to control reproduction or adaptation.
Trademarks
A trademark is a distinctive sign which is used to distinguish the products or services of one business from others. Trademarks are often closely linked to brands.
Design
Protects the form of outward appearance or aesthetic style of an object. Does not protect functionality or unseen (internal) design elements.
Trade secrets
A trade secret is a formula, practice, process, design or compilation of information used by a business to obtain an advantage over competitors. Trade secrets are by definition not disclosed to the world at large.
Advantages of Intellectual Property
There are no fees associated with IP
Ability to have a competitive edge over other similar businesses
IP enhances your company’s value
IP helps you market your company’s products and services
You can more easily obtain financing for your business
Greater export opportunities
Disadvantages of Intellectual Property
Additional costs
Pirating
Reduced quality
categories of Intellectual Property Right
Industrial Property
intangible property rights (as ownership of a trademark or patent) connected with agriculture, commerce, and industry
Copyright & related right
A set of exclusive rights awarded to a copyright holder or owner for an original and creative work of authorship fixed in a tangible medium of expression.
Rights related to copyright include those of performing artists in their performances, producers of phonograms in their recordings, and those of broadcasters in their radio and television programs.