Intellectual property (IP) plays an important role in our national and state economies. As the word denotes intellectual mean, a thought which arises first in the mind and will give birth to new things like invention and such invention will termed as intellectual property. The term intellectual property is a new way to earn money & fame by using his own creative mind, there are separate laws also which protects all kinds of intellectual properties. As we assume, it is very difficult to understand the meaning of intellectual property and , so in simplified terms let us see what is actually an Intellectual properties & how they get importance in corporate world now a days.
What is Intellectual Property?
A beautiful gift that is provided by the God to human is Brain. The brain is act like intellectual property in human life; intellectual properties are nothing but the creation of mind. A man can started creating new things by using his brain and make his own property which will be known as intellectual property. These inventions are necessary for the development of the country and the individual too. The main purpose why the importance of these properties are increases because they are mainly deals with the creative thoughts of mind and to steel these property is not possible.
Why we go for intellectual property?
The importance of intellectual property is rapidly increases because of the following reasons;
- To promote new creations.
- To promote new technologies.
- To promote artistic work.
- To promote changes.
- To increase believe in invention.
Types of intellectual property:
IP is an kind of intangible assets of the company, it is an smart way to represent things. There are various kind of intellectual properties in the today's scenario, amongst them commonly used intellectual properties are:
- Trademark- By the passage of time the method to desire the form of trade has changed and trade mark has been invented. It is the mark use to define the business entity & its work, once a trademark registration by owner for its business it cannot be copied by any other person. It is simplest & easiest way to protect the identity of the trade. A trade mark can be patented like invention and industrial designs. A trademark can be described in word, name, symbol, it help the consumers to identity the original product and prevent them for being cheated.
- Copyright- It is a kind of protection which provided to the author to provide literally, artistic work both published and unpublished. Copyright registration is regulated by its copyright act 1957. This act gives freedom to the author to use his creation as well as protect the interest of the owner.
- Patent- To promote new inventions, patent plays a very important role, it gives exclusive right to the inventor to build his own invention and to protect the right of inventor the patent act 1970 has formed.
Both the terms, Copyright & Trademark are different some major differences are:
- Basically copyright protects original work including literally, musical, artistic & other works, whereas trademark protects words, names, symbols etc.
- If one choose to protect a title, slogan or other short word or phrase then you should opt for trademark as copyright law does not protect phrase, slogan or trade name.