Intellectual property, also known as IP, refers to the creations of the mind. For eg. Inventions, designs, symbols, images and names used in commerce as well as literary & artistic works.
It is protected by law in order to enable its creator to earn financial benefit as well as recognition for their creation/ invention. The main aim behind IP law is to strika a balance between the interest of the creators/ innovators and public interest at large. This way both the parties benefit and a space for creativity and innovation can be built.
The various kinds of laws under which intellectual property is protected are: copyrights, trademarks, patents etc. Here are some of the major advantages of having intellectual property rightd (IPR) on your creations:
Trademark
A trademark is a symbol, design, word or phrase which is used to identify as well as distinguish the source of the goods from one party from that of the others.
One major advantage of registering a trademark is that you gain the statutory monopoly of your mark. Also a trademark boosts the value of your buisness as it gives an unique identity to your business as well as protects its market share.
Patent
A patent is a right granted for an invention. Once an invention is patented it prevents others from making, using, selling or importing the invention without the permission of the patent holder. Usually a patent has a limited time duration, after which it needs to be renewed. Some of the best examples of patents are chemical compositions, industrial processes, manufactured articles, machines etc.
A major benefit of having your invention patented is the fact that it deters competition and attracts investors. Also needless to say it protects your finding to be used/ misused giving monetary advantage and recognition to your creativity.
Copyright
With a copyright you can protect the works of authorship like music, paintings, novels, computer programmes etc. Once a copyright is granted, its holder has the right to reproduce, perform, publish, communicate and adapt the work.
The duration for which a copyright is granted depends on multiple factors – like whether the work was created by an individual, anonymously, pseudonymously etc.
The main advantage of holding copyright of one's work is that the owner can control his work from being commercially exploited by others.
Also copyright comes into effect immediately and thus no official registration is required.
These are some of the major reasons why one must get intellectual property rights over his creations – as it is not just the commercial aspect but also a means of providing recognition to one's creativity, intellect as well as hardwork.
For more information on how to get an IPR over products, services, inventions and other creative outputs, visit www.foxmandal.com.
Source : articlesbase.com
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