Types Of Intellectual Property  

Introduction

When starting any new business or a company, the most important thing which gets priority is the protection of Intellectual property. Everyone is vigilant about safeguarding their Intellectual property, whether they work for internet corporations or other businesses. As a result, it is critical to comprehend what Intellectual property is and its types.

What is Intellectual property?

The term “Intellectual property” describes works that people have produced with their minds. This covers a wide range of works, such as books, technical innovations, performances, cultural customs, etc.

The IP system seeks to provide an environment where creativity and innovation may thrive by striking the correct balance between the interests of inventors and the larger public interest.

Types of Intellectual property

There are six main Types of Intellectual property-

• Copyright

The legal word “Copyright” is used to refer to the ownership rights that authors and artists have over their creative work. Original literary, dramatic, musical, and creative works, as well as cinematograph films and sound recordings, are shielded against unlawful uses under the Copyright Act of 1957.

Any person who is the original author of a piece of work inherently owns that piece of work and has the power to forbid others from using, duplicating, or replicating it for their purposes. If a creator wishes to be protected, they might voluntarily register for copyright. The author can initiate a lawsuit against someone who plagiarises his work by registering this. Some examples of copyright are-

1. Drawings
2. Movies
3. Sculptures
4. Editions
5. Musical pieces
6. Theatrical work

• Trademark

A trademark is a symbol that may be used to distinguish the products or services of one company from those of other companies. Service marks, Certification marks, Collective marks, and Trade Dress are the types of Trademarks, and all are protected under The Trademark Act of 1999. 

Service mark- Any symbol, name, sign, gadget, or term that is purposefully used in commerce to identify and set one provider’s services apart from another is known as a service mark. Service marks are employed in routine services such as sponsorship, hotel, hospitality, entertainment, management, investing, etc.

Certification Mark- A certificate mark verifies or confirms a thing by assuring that some act or judicial formality has been performed. A certification mark identifies the particular quality of products or services for which the mark is used; a certification mark is specified in the Trademark Act of 1999.

Collective Mark- A collective mark is a mark that is used for goods and services as well as a set of companies that have similar characteristics. The collective mark denotes that the marketer, merchant, or individual is a member of the stated group or organization. CA, for example, is a collective trademark used by the Institute of Chartered Accountants and CS is for Company Secretaries.

Trade Dress– Trade dress refers to characteristics of a product’s outward look, a building’s architecture, or its packaging that serve to identify the product’s source to consumers. Like the packaging of Kurkure, no one is allowed to replicate it.

• Patents

A patent is a right that is exclusive in nature and awarded for the development of an invention. In general, a patent gives the patent holder the right to decide how – or not – the innovation can be utilized by others. It is governed by The Patents Act of 1970.

Whether you’re a person or a business owner, you should file a patent application with the USPTO as soon as you can when you come up with a brand-new method of producing or designing anything or when you create a novel product to market. If you don’t, your Concept might be partially or entirely stolen. Some examples of Patent are-

1. Telephone
2. Computer
3. Lightbulb
4. Hair Dryer

• Geographical Indications

Signs used on products with a specific geographical origin and traits, a reputation, or features that are fundamentally related to that location of origin are known as geographical indications. A geographical indicator often contains the name of the country where the products were made. Some the examples of GI are-

1. Darjeeling Tea from West Bengal
2. Salem Fabric from Tamil Nadu
3. Pochampalli Ikat from Telangana
4. Mysore Silk from Karnataka

• Trade Secrets

Trade secrets are Intellectual property rights on confidential knowledge or information that may be licensed or sold. It is considered an unfair activity and a breach of trade secret protection when others obtain, utilize, or disclose such secret information without authorization in a way that is inconsistent with honest business practices. 

• Industrial Design

A certain product or article’s production method is called industrial design. For instance, a furniture manufacturer may develop a novel method of creating a Foldable bed and wish to prevent someone else from copying it

Need for Intellectual property

• The legal protection of original works promotes the earmarking of additional funds for additional research and development.

• The promotion and protection of Intellectual property fuel economic expansion, develop new markets and businesses and improve people’s quality of life.

• IPR is essential to protect the rights of inventors and other producers of their Intellectual property by giving them specific time-limited rights to regulate how the created items are used.

• It encourages creativity and innovation and guarantees ease of doing business.
  

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Conclusion

Rights of Intellectual property are necessary for the protection of new ideas, content, business logos, etc. The benefits and value of innovation may be maximized when Intellectual property rights are used effectively. They also make it possible to create, secure and monetize technology that has the potential to change the world, which is why it’s important to protect these rights. To know more about types of Intellectual property and a remedy for their violation, contact Business Lawyer here.