People can protect the unique ideas of their business units by obtaining protection of intellectual property rights. Intellectual property rights includes trademark, copyright and patent.
In today’s competitive business environment uniqueness definitely, provides a competitive edge to the business units. In order to protect their unique business ideas, every business entity is recommended to obtain protection of their intellectual property. Obtaining protection for intellectual property assists the business units to shield their trademark, logo, brand name, symbol, design etc from being exploited by the competitors. IPR of any business unit can be protected by obtaining the following-
A trademark is an intellectual property right that helps a business entity to distinguish its goods or services from the goods and services of others. Along with providing a unique identity to the product or service trademark also protects the business word, phrase, symbol, design and logo etc from being exploited by the competitors. Further, it helps to create a brand image of the product or service. In addition to this, it helps a business to sue any company or person in case of infringement of the trademark.
A trademark once obtained is valid for a period of 10 years and after that, it is liable for renewal.
Copyright aims at rewarding creativity by giving it protection under the Copyright Act 1957. The protection is provided by copyright to the efforts of writers, artists, designers, dramatists, musicians, architects and producers of sound recordings, cinematography, films and computer software etc. Basically, copyright provides a protection to the way of representation of the idea rather than the idea itself.
Copyright granted will be valid for the length of author’s life and the next 60 years.
It basically provides protection to the creator of the novel idea. Further, it can also be obtained for significant improvements in previously invented items. It prevents any person other than the creator from making, using, selling or importing his invention. A patent can be obtained in respect of any kind of invention which is capable of industrial application. Further, a patent can be obtained in respect of food items, chemicals, medicines and drugs. Three basic requirements for obtaining a patent are as follows-
• The invention shall be unique and it should not exist previously.
• The invention shall not be very obvious that is there should be a significant improvement in the existing idea to qualify for the patent.
• The proposed invention should be useful.
A patent once obtained shall be valid for the time period of 20 years.