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IP ESSENTIALS/TYPES OF IP
What is ‘intellectual’ property?
Intellectual property refers to creations of the mind: inventions, literary and artistic works, symbols, names and images.
There are four primary types of IP rights, which are issued nationally. Below are some examples:
Patents
Inventions & Designs
Publishing a patent (18 months after the application is filed) enables others to learn while protecting the invention owner’s interest. A patent represents an ownership “agreement” that governments provide to inventors and their “assignees”(usually their employer) in exchange for the right to share the invention publicly.
A patent grants them an exclusive monopoly over the right to make, use, license and sell the invention in exchange for the obligation to share its primary details.
People and businesses benefit by receiving a period of exclusivity to protect and possibly profit from their ideas. The government benefits by encouraging scientific and technological progress and human ingenuity. A patent is enforced by the owner, not the government that granted it, which is costly and time consuming, especially for small businesses and individuals. As with any form of IP, questionable patents are sometimes used by businesses and individuals in an attempt to secure a license or collect damages.
Copyrights
Creative Expression
A copyright must be recorded. All intellectual property, though born in the mind of someone, must be recorded or documented before it can be used in business. Unlike a trademark, the term of a copyright is limited to the life of the creator, plus 70 years. Some copyrights can last for 120 years.
Examples of copyrights still in force: The Lion King (play and movie), Thriller (the Michael Jackson song, recorded music and performances), and the latest best-selling novel.
For examples of copyrights now in the public domain and available without license, click here.
Trademarks
Symbols & Phrases
Companies use trademarks to distinguish their products from others. Trademarks can include colors, shapes, smells, and even sounds.
There is no time limit on the use of a trademark. So long as a company remains in business, the trademarks they use to identify their products or services may be used forever. Some companies have been using the same trademarks for over 150 years.
Examples of well-known and valuable trademarks which have become valuable brands: Coca-Cola, Nike, Gucci and Mercedes-Benz.
Many less well-known names and products are trademarked, such as local restaurants, retail shops, products and small business names.
Trade Secrets
Confidential Know-how
Secrecy has been a part of trade for thousands of years. Secrets are also called “know-how” or “confidential” or “proprietary” information. To qualify as a trade secret, information must not be generally known, it must provide some advantage, and the business must make reasonable efforts to keep it secret. Legal protection enables businesses to share information with employees and others knowing that the confidence can be enforced.
‘Special’ Sauce Patents are published 18 months after they are filed (in the U.S.) and the invention which it describes is revealed in detail. Trade secrets can be the “special sauce” that makes an invention work better or building it more efficient. Secrecy is a legitimate tool for businesses of all sizes. Trade secrets are protected under both state and federal law.
Trade secrets include ‘negative’ know-how, that is information about what doesn’t work, discovered through lengthy experimentation. Thomas Edison famously said: “I have not failed 10,000 times – I’ve successfully discovered 10,000 ways that will not work.”
