Intellectual property (IP) refers to the intangible type of property of the business entity. It may include creations of the mind, such as inventions, literary and artistic works designs, symbols, names and images used in commerce etc.
Due to increasing competition in the market, it is advisable for every person to protect its unique intellectual property. Procuring a shield for intellectual protection helps to prevent it from being exploited by the competitors. The protected intellectual property acts as a major asset for a business entity and the individual owner. An intellectual property can be protected mainly through three ways that are copyright, patent and trademark.
1. Trademark- A trademark is a word, phrase, symbol, and/or design that identifies and differentiate the source of the goods of one party from those of others. A trademark protection provides the exclusive usage benefits to the owner and prevents its exploitation by the competitors. A trademark registration once obtained is valid for the time period of 10 years and after that renewal is required.
2. Copyright- Copyright is an exclusive right of reproducing or authorizing anybody else to reproduce any literally, dramatic, artistic or architectural work. Copyright is the right given to the creator of an idea to provide the shield for his unique expression of the idea. The copyright is not granted to the specific idea or information rather it protects the way in which that idea is represented.
3. Patent- It basically provides protection to the inventor of the unique idea. It prevents any person other than the inventor 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.