This article is contributed by Keith Shelby.
Do you have a creative and unique idea but are scared of it being used by someone else? Are you looking out for a way to safeguard your idea? Intellectual Property (IP) is your answer. It refers to those ideas that can be counted as “owned” by an individual or company. It represents the property of the mind or intellect. It gives the owner the rights to use their IP in any manner to their discretion.
They are effective because it is protected under the law. The aim of IP is to encourage innovation and provide a chance for the creator to reap profit out of their ideas.
You are the owner of the idea as soon as it is created and formed in your head. You don’t need to have IP to protect your business, but you would not want it to be misused or lose it in some unfair competition. You can start building on an idea without registering and this unfortunately won’t hold any weight in the court if you must make your case that you own the IP. You need to go by the rule book and ensure there are no loopholes. You can register and make an official record of your ideas and safeguard it in case any conflict arises. Review your intellectual assets and decide which form of intellectual property protection you need to seek. Intellectual Property Rights are categorized mainly into four types:
This right is to protect any innovative and unique invention. Traditionally it was used for physical devices only, but in recent times, abstract concepts have also found their place in the law. Now you can protect your product as well as the formula you use to make your product work better under the same law.
You have created a brand name for yourself. If someone else starts manufacturing under your name and generates profits, wouldn’t it be painful? You can save your brand i.e. your company name or specific product through trademarks. These give you the sole right to use these trademarked signs (words and logos) that help in distinguishing goods and services in the market.
Copyright is applied for in order to protect the finished form of your ideas that is written or recorded in any manner. It is mainly used to protect literary and artistic works. Did you know that anything you write or record gets immediately protected under the copyright law unless you specifically have placed it in the public domain or have offered it under any kind of licensing agreement.
A design protects your product or logo appearance and also blocks anyone from making offers, launching in the market or importing and exporting under your name. You can also protect two-dimensional designs, shapes and pattern with a registered design.
Author Bio: Keith Shelby is a regular blogger and a leading businessman. He shares his business and law tips on his blog. He says for the best legal advice contact – accesssolicitor.com.