Intellectual property is a legal term that refers the ownership of creation of an artistic idea. It is an intangible asset of your business that you have created exclusively for your products or services. It includes logo, designs, an invention, brand, symbols, names, images used for commercial purpose.
What is Intellectual Property Right
Intellectual property rights are like any other property right. They allow creators, or owners, of patents, trademarks or copyrighted works to benefit from their own work or investment in a creation.
In India entrepreneurs can protect their intellectual property by following ways:
A patent is a right granted to the owner of an invention that prevents others from making, using, importing or selling the invention without his permission. This is applicable for “a new product or process that meets conditions of novelty, non-obviousness and industrial use”.
Inventive step is the feature(s) of the invention that involves technical advance as compared to existing knowledge. It makes the invention not obvious to a person skilled in the art. Industrial use means that the invention is capable of being made or used in an industry.
Once you register a patent, you can protect to prevent others from exploiting your invention. You can employ it to raise funds for your business, license it to third parties for commercial returns or sell the patented invention.
A trademark is a distinctive sign that identifies certain goods or services produced or provided by an individual or a company. A trade mark can be represented graphically in the form of your company’s logo or a signature.
Through Trade Mark Registration you can protect your brand by restricting other people from using its name or logo. Trademark protection ensures that the owners of marks have the exclusive right to use them to identify goods or services. It gives you rights to authorize others to use them in return for payment.
Trademarks actually promote the initiative of entrepreneurs worldwide by rewarding them with recognition and financial profit.
Copyright is a right given by the law to creators of different types of intellectual property. It includes literary, dramatic, musical and artistic works and producers of cinematograph films and sound recordings. It protects works like novels, computer programmes, plays, sheet music and paintings.
The author of a copyright work has the right to reproduce, publish, perform, communicate and adapt his work. These exclusive rights form the bundle of rights that we call copyright and enable the owner to control the commercial exploitation of his work.
Copyright and related rights protection is an essential component in fostering human creativity and innovation. You can apply for copyright from Here
A design that refers to the features of a shape, configuration, pattern and ornamentation applied to an article by any industrial process. If you register a design, you will be protecting the external appearance of the article. Registered Designs are used primarily to protect designs for industrial use.
When an industrial design is protected, the owner – the person or entity that has registered the design – is assured an exclusive right and protection against unauthorized copying or imitation of the design by third parties. This helps to ensure a fair return on investment.
In India intellectual property administrating Ministry departments are
- Department of Industrial Policy and Promotion
- Ministry of Commerce & Industry