Intellectual Property (IP) refers to intellectual assets i.e. creations of mind such as inventions, literary and artistic works, designs, names, images, symbols and so on. There are several types of IP such as trademarks, patents, industrial designs, copyrights, plant variety protections, and trade secrets.
1. Trademarks
A trademark is a sign used in relation to goods or services for the purpose of indicating a connection between the goods or services and the proprietor. It distinguishes the goods or services of one trader from those of others. A sign includes any letter, word, name, signature, numeral, device, brand, heading, label, ticket, shape of goods or their packaging, colour, sound, scent, hologram, positioning, sequence of motion or combination thereof.
Examples: Nike’s iconic “Swoosh” and slogan “Just Do It”, or Apple’s logo, which instantly identifies its products worldwide.
2. Patent
A patent is an exclusive right granted for an invention. It provides inventors with legal protection including the exclusive rights to exploit their invention, assign the patent, and enter into licensing agreements. At the same time, patents benefit society by making technical information about inventions publicly accessible, thereby fostering knowledge-sharing and encouraging further innovation. An invention is patentable if it is new, involves inventive steps, and is industrially applicable.
Example: Edison’s light bulb, which revolutionized modern lighting.
3. Copyright
Copyright is the exclusive right granted to the copyright owner to control a creative work for a certain period of time such as the reproduction in any material form, the communication to the public, the performance, showing, or playing to the public, the distribution of copies to the public, and commercial rental to the public. The copyright owner can be the author of the creative work or any person who has legal interest to that creative work. Works eligible for copyright include literary works, musical works, artistic works, films, sound recordings, and broadcasts.
Examples: Disney’s animated characters such as Mickey Mouse and Elsa, J.K. Rowling’s Harry Potter series, and the music of Taylor Swift.
4. Industrial Design
Industrial design refers to the features of shape, configuration, pattern, or ornament applied to an article by an industrial process which give the article its aesthetic appeal. It protects the visual appearance of an article, rather than its technical or functional features.
Examples: The contoured Coca-Cola bottle and Apple’s sleek iMac design.
5. Trade secret
Trade secret refers to confidential information that a business keeps confidential to maintain a competitive advantage. In order to qualify as a trade secret,
a business keeps confidential to maintain a competitive advantage.which may be sold or licensed, In general, to quality as a trade secret, the information must be known only to limited number of persons, commercially valuable, and reasonable steps have been taken by the owner of the information to keep it secret.
Example: Coca-Cola’s recipe and KFC’s 11 herbs and spices.
6. Plant Variety Protection
Plant Variety Protection is a legal mechanism that safeguards the interest of plant breeders by granting them the exclusive rights to control the production, reproduction, and marketing of the new plant varieties for a specified period.
Example: New rice strains developed by research institutions, where unauthorized reproduction or sale of seeds is prohibited.
Conclusion
Intellectual Property plays a crucial role in protecting creativity and innovation. By safeguarding trademarks, patents, copyrights, industrial designs, trade secrets, and plant varieties, IP helps businesses maintain their competitive edge while encouraging continuous growth and innovation.
