What is Intellectual Property?

By Dylan Jomy2 min read · Posted Oct 25, 2022

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Intellectual Property is a general term when conferring ownership and rights over a creation. It is generally used for protection and safekeeping. If you want to know more about Intellectual Property, this article will go over Intellectual Property and explain what it is and the different types of it.

What is Intellectual Property?

Intellectual Property is the rights given to the creator over the use of their creation for a period of time. Intellectual Property protects the original pieces of work, such as literary or artistic works, inventions, company names, or designs. It legally protects the creation from outside use or exertion without consent.

Types of Intellectual Property:

Intellectual Property consists of many different methods to protect creations. The most popular and commonly used are Franchises, Copyrights, Patents, Trademarks, and Trade Secrets.

Franchises: A franchise is a license that the individual, company, and franchisee purchase to use another company’s trademarks and processes.

Copyrights: Copyrights are provided to creators of original works with exclusive rights on how other people can use them. It states that the original creators can grant anyone authorization through a licensing agreement.

Patents: A patent is a property right that protects inventions and ideas typically granted by a government agency, such as the US Patent and Trademark Office (USPTO). The patent will allow the creator exclusive rights to his invention. To receive this patent, an examiner from the USPTO determines if the invention has previously not been created.

Trademarks: A trademark is a symbol that helps identify and legally distinguish a product from other products. It is specifically assigned to a company, meaning that the company is the only one that owns it.

Trade Secrets: A trade secret is a company’s process that is not public or shared online. It is actively protected by the company and provides an economic benefit to the trade secret holder.

Conclusion

Intellectual Property can help creators have control over their creations and let them decide what to do with them. It has done an outstanding job of protecting these unique creations from other companies or individuals looking to boost their financial bliss. Intellectual Property has enabled creators to be more open to sharing their products, knowing they have security protection.

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About The Author

Dylan Jomy

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Hi, I am Dylan, an Article Editor at Pitch Labs! I am fascinated by business, finance, and the stock market. I also love to write, help, and inform people about economics-related topics. I plan to educate myself on business and STEM-related matters as well.

See more posts by Dylan Jomy

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