Intellectual Property and Its Types
Intellectual Property (IP) refers to the legal rights granted to individuals or organizations over their creations of the mind. These rights protect original works, including literacy and artistic works, symbols, names, images and inventions to exclusive use and control over the sale and distribution of their creations. The types of Intellectual Property rights are:
1. Patent
A patent is a special right granted by the government for the creation of an invention. It is a type of intellectual property right that allows the holder of the right to use, sell or distribute an invention for economic objectives. The types of patent are:
– Utility Patent
– Design Patent
– Plant Patent
2. Copyright
Copyright refers to the legal protection of an author’s creative work. It is a legal protection granted to the creators of original works, providing them exclusive rights to use, reproduce, distribute, and display their creations. This protection applies to a wide range of works, including:
- Literacy Works
- Musical Works
- Dramatic Works
- Artistic Work
- Audiovisual Works
- Software
3. Industrial Design
Industrial design is a kind of intellectual property that gives an exclusive right to a person who has created a novel appearance of a product. It protects the appearance of a product, which results from attributes such as its shape, colors, or materials.
4. Trademark
Trademark refers to unique words, phrases, symbols or pictures that distinguish a company’s product from its other competitors. It helps the consumer recognize the product and build brand loyalty.
Hence, intellectual property rights play a crucial role in fostering innovation, creativity, and economic growth by granting creators exclusive rights and encouraging fair competition.