Question

Explain the types of Intellectual Property Rights; Copyright, Patents, Trademarks and Registered Designs.

?How do they protect a company's assets?

Answer 1

Copyright:

Copyright is form of intellectual property rights in which right of protection is provided to the creators of original work. In includes works in the fields of literary, music, dramatic, and certain other intellectual works which are both published as well as unpublished. Copyright law provides the owner the exclusive rights to use, to reproduce the copyrighted work, to distributes its copies or to perform it publicly, and further display it to public for a long period of time(such as 75 years)

Copyrights are used to protect the company's original creative work, such as books, sales brochures, songs, website content, photographs, videos, advertising and promotional pieces from being used by other individuals or companies without your permission. You can stop your competitors and other from using your copyrighted works or those works which are similar to yours. This is how a company can protect its own original work and thus becomes its asset.

Patents:

A patent is a license given by government which gives its holder the exclusive rights of processing, designing, or producing a new invention for a stipulated period of time.

There are three types of patents; utility, design and plant patents. Utility patents gives rights to those who invents a new process, machine or composition of matter which is useful. Design patent covers designs that are original and ornamental for a manufactured product. Plant patents gives rights to those discovers, invents or produces a new type of plant that is capable of reproduction.

By granting patents which conforms the right to produce a new product without the fear of competition, it provides incentives to individuals and companies to continue development in innovation of new products or services. This is how company's assets are protected.

Trademark:

A trademark is an identifiable sign, expression or design which differentiates products or services of a company from that of others. A trademark includes symbols, logos, names and words. For example, the "swoosh" logo of Nike is very famous. Trademarks appears to be on the actual product or packaging of the product, whereas in advertising for services, mostly service marks seem to appear.

A trademark owner can stop its competitors and others from using their trademark or a similar one which is confusing. One effective way to protect your trademark is get registered with state or federal government.

Thus, trademark is one of the most essential asset of business which distinguishes and identifies the company and its products from other competitors.

Registered Designs:

A registered design is a monopoly of a specific design or pattern or ornamentation which gives the product a unique look or appearance. The owner of the registered design can exclude others from making, offering for sale, selling or hire the design.

The registered design can last upto certain period of time, and at the end of which other people are free to use the registered design.

For example, coca-cola registered its bottle design which was unique and identifiable even without its name or any text on it.

Thus, registered design becomes a great asset for the company.