Explain various types of intellectual properties

The term property means an individual or an organization owns it and it is protected by means of law. Intellectual properties are intangible assets of a business or a person. It can be a book, article in a magazine, a new design etc. which comes under intellectual properties.

Types

The types of intellectual properties are explained follows −

• Patents

A patent protects innovative ideas. It gives special rights to the respective owner/organization in making, selling and using the product or service period. A government authority or license conferring a right will be issued. An individual or an organization will approach the patent authority, submit their details of their innovations, and pay a fee to protect their innovation.

• Trademarks

Trademarks will be given to a service or a product and are used to identify the product. If words are given to a trademark, then it is called word marks. Name, colours, sounds etc. are used as trademarks. Companies spend a lot of money and time developing a product and they should protect those products from imposters. Therefore, trademarks are important for intellectual properties.

• Copyrights

Copyrights are used for packing, words, labels, images etc. For example, while watching a movie, we come across the word "All Rights Reserved". It states that no other person has a right to copy the movie without permission of the owner. Other examples are books, software, paintings etc.

• Industrial design

Design created in a particular shape, pattern or a colour with a motive of increasing its functionality is termed as an industrial design. It is easy to use or to increase its efficiency. This will be protected by the law.

• Trade secret

It is information, which should be kept confidential by restricting access to it. This can be done by using non-disclosure methods. For example, a product formula is a trade secret in order to avoid the duplication of the respective product.

• Database

By protecting the database, the access to obtaining, verifying and presenting the information is restricted. This right was introduced in 1996. Data can be financial, technical and human resources.