What is Intellectual Property?

Although it might sound unusual to many, the term of ”intellectual property” widely defines the protection of information and knowledge. The term is abbreviated as IP and can be viewed as the results and outcomes of the creations of the mind – ”intellectual” and ”property” because it is viewed as a tradable commodity.

Intellectual property rights (IPR) are specific legal rights which protect the owners of IP. IP protection is intended to stimulate the creativity of the human mind for the benefit of all by ensuring that the advantages derived from exploiting a creation benefit its creator. This will encourage innovative activity and will allow investors in research and development to benefit from a fair return on their investment.

IP confers on individuals, enterprises and other entities the right to exclude others from the use of their creations. Consequently, intellectual property rights (IPR) may have a direct and substantial impact on industry and trade as the owner of an IPR may – through the enforcement of such a right – prevent the manufacture, use or sale of a product which incorporates the IPR.

Intellectual works are creative and immaterial such as stories, musical compositions, software or an invention. Trademarks and geographical indications also belong to intellectual property. The holder of a material property (for example, a book copy) does not necessarily have the intellectual property right for this material. As the owner of a book, you can read it, colour in it, throw it away, but you do not have the right to copy the story, reproduce it, make a movie of it, etc. These latter acts are covered by intellectual property and require the consent of the holder of the intellectual property rights.

As we anticipated, intellectual property is divided into two large categories: Industrial Property which includes patents for inventions, trademarks, industrial designs and geographical indications, and copyright which covers literary works (such as novels, poems and plays), films, music, artistic works (e.g., drawings, paintings, photographs and sculptures) and architectural design. Rights related to copyright include those of performing artists in their performances, producers of phonograms in their recordings, and broadcasters in their radio and television programs.

The main distinction between these two groups of intellectual rights is the way in which the right is created. Most industrial property rights are obtained after a formal procedure, generally consisting of registration, while copyrights and related rights emerge automatically at the time of creation.

An intellectual property right gives its holder an exclusive right of temporary use for a given territory. A patent holder of an invention is the only person who can exploit this invention. A trademark holder is the only person who may sell the products covered by this trademark.

If you have ever wondered why it is worth to promote and protect Intellectual Property, there are some answers we can help you with: the progress and well-being of humanity rest on its capacity to create and invent new works in the areas of technology and culture.

The legal protection of new creations encourages the commitment of additional resources for further innovation.

The promotion and protection of intellectual property spurs economic growth, creates new jobs and industries, and enhances the quality and enjoyment of life. Pretty strong incentives, right?

If you need help protecting your trademark, don’t hesitate to contact us!