This refers to every product regarding the human intellect, which the law guards from unlawful usage by others. Thus, the possession of intellectual property intrinsically creates a restricted monopoly concerning the protected properties. Intellectual property conventionally consists of four groups: patent, trademark, copyright and trade secrets.
It is referred to as intellectual property since it is the act regarding the thinking power known as an idea that a person can exclusively have provided that they keep it to themselves; however the instant it is disclosed, it moves itself within everyone’s possession, and most importantly it cannot be dispossessed (Intellectual Property Office, 2013).
Benefits of intellectual property
Intellectual Property is significant in assisting entrepreneurial firms make better their innovation prospective and originality into market value along with aggressiveness. Intellectual Property rights permit inventive entrepreneurs shield their inventions. Additionally, they possess multiple other functions, for instance signaling existing and potential value to investors, opponents and partners, contacting knowledge markets also networks, along with stopping opponents from patenting interrelated inventions.
This refers to a monopoly right awarding restricted usage of an invention. It may turn into an important business asset, which could be purchased, sold, reassigned or licensed similar to every other property (Legal Information Institute, 2014).
Types of patents
Utility Patent- awarded for inventing a new and practical process, device, production, or composition of substances, or a fresh and practical upgrading thereof, therefore, it normally allows its proprietors to prohibit others from creating, using, or trading the invention for a duration of up to twenty years.
Design Patent- awarded for an innovative, unique, and decorative design placed in or used on a manufactured article of, it allows the inventor to prohibit others from creating, using, or trading the design during a period of fourteen years.
Plant Patent- awarded for a unique and exclusive, innovative asexually reproduced plant in addition to mutants, hybrids, cultivated sports along with freshly discovered seedlings.
This is a distinguishing sign that identifies particular products or services as those manufactured or offered by a particular individual or enterprise.
The mark assists customers identify and acquire a good or service owing to its nature and superiority, shown by its exclusive trademark since it fulfils their needs. Additionally, a trademark adds worth to the business since it is used to shield the market share. It may in addition be utilized to license third parties for instance a franchisee or rather it could entirely be sold for a specific value. A trademark can as well be utilized in raising equity towards the expansion of a business. Therefore, trademarks stop confusion within the market for related services/products. The trademark immediately informs a consumer that the products or services possess certain quality (WIPO, 2012).
The phrase “copyright” points to a collection of restricted rights awarded to holders of original works such as prototype artworks, films along with sound recordings
Some of the works that can acquire copyrights include (WIPO, 2012);
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