Intellectual property is a term which is complex and vast at the same time. Many a time, people are perplexed about it and end up using it in the wrong sense. They have sometimes spoken about “getting a book patented” or “copyrighting an idea”! It is really essential to know about intellectual property and what does it entail. Both trademark and copyrights help safeguard the intellectual property of an organization.
Copyrights mainly focus on work which is original while trademarks defend symbols, words, and names. The monetary picture of an institution isn’t determined only by the amount of money it earns. Intellectual property like assets can also increase a business’s net worth. After Online Trademark Registration, companies enjoy the right to file a suit against those who use their trademark or intellectual property without taking permission. Trademarks and copyrights help the institutions get protection against illegal use.
According to WIPO (World Intellectual Property Organization), creations of the mind: inventions; literary and artistic works; and symbols, names, and images used in commerce. A patent, trademark, and copyright are all used in the terms of Intellectual property. Although intellectual ideas are created in minds, intellectual property doesn’t refer to ideas. Intellectual property is how the idea forms and materializes itself and at the end is protected by a patent, a trademark or copyright. The design of an electric car maybe patented but the idea cannot be. When a company is started, the logo trademarked but not the idea of forming a logo.
Terms used in the context of Intellectual property:-
1. Trademark
People who are establishing or running a business or product owners can file for a trademark. It protects a slogan, word, name, design, symbol or image identifying a brand or a business and differentiating them from others in the same field. Registering for a trademark extends the rights of a business by equipping it with public notice of ownership. It proves that you have an exclusive right to the symbol or mark and the holder can sue anyone who is infringing it. Though trademarks don’t have a time limit on them, they should be renewed every 10 years.
To keep your business much safer, you need to make sure that the mark, symbol or name which you are planning to use is itself distinctive otherwise someone else can file a suit against you. You need to conduct a comprehensive trademark search which makes sure that the business cannot be trademark objected by the registrar.
2. Copyright
Authors, choreographer, artists, architects and other professionals can seek for copyright. While ideas cannot be copyrighted, the palpable form of an idea can be very well copyrighted. The tangible form includes authentic works of authors like sculptures, architectural works, motion pictures, choreography, photographs and other works of creativity.
When you get a copyright on the original work, you get exclusive public notice of ownership along with legal evidence. You get exclusive rights to sue a person for infringing a copyright. A copyright is valid for a lifetime.