Intellectual Property Rights
Intellectual property rights are legal rights that protect creations of the mind, such as inventions, designs, and artistic works. They give their owners the right to control how these creations are used and to profit from them.
There are four main types of intellectual property rights: patents, trademarks, copyrights, and trade secrets. Each type of IP right has its own set of rules and regulations.
Patents provide protection for inventions and give their creators the exclusive right to make, use, and sell them for a limited time. To get a patent, an invention must be new, useful, and non-obvious.
Trademarks protect brand names and logos used to identify businesses and their products or services. They help consumers distinguish between different companies’ offerings and avoid being confused or misled.
Copyrights protect original works of authorship such as books, music, and films. They give creators the exclusive right to reproduce, distribute, perform, or display their work.
Trade secrets cover information that is not generally known and gives businesses an advantage over competitors who do not have access to it. To qualify as a trade secret, information must be kept secret and have economic value.