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What are some common types of intellectual property that I should be aware of as a business owner?

Picture of Chris Battis By   ·  1 minute read

As a business owner, it is essential to understand the different types of intellectual property (IP) and how they can protect your business assets. The following are some common types of IP that you should be aware of:

  1. Patents: A patent is an exclusive right granted by the government to an inventor or assignee. Patents protect inventions, processes, machines, articles of manufacture, and compositions of matter. They provide the owner with the right to stop others from making, using, or selling the invention for a specific period (usually up to 20 years from the filing date).
  2. Trademarks: A trademark is a word, phrase, symbol, or design that identifies and distinguishes the source of goods or services from those of others. Trademarks are used to protect brands and are registered with the US Patent and Trademark Office (USPTO). They provide the owner with the right to prevent others from using similar or identical marks in connection with the same or related goods or services.
  3. Copyrights: A copyright is a protectable right in original works of authorship, such as literary, musical, and visual creations. Copyright owners have the exclusive right to reproduce, distribute, and display their works, and to create derivative works based on the original.
  4. Trade secrets: A trade secret is proprietary information that gives a business a competitive advantage. Trade secrets include formulas, processes, designs, and confidential business information. Unlike patents or trademarks, trade secrets are not registered with any government agency, but rather protected by contracts and confidentiality agreements.

It is important to note that there are limitations to the protection provided by each of these types of IP. For example, patents do not protect ideas or concepts, only their implementation. Trademarks may lose their protection if they become common descriptive terms. Copyrights do not protect facts or ideas, only the expression of those ideas.

Additionally, it is crucial to take proactive steps to protect your IP, such as registering trademarks and patents, and implementing trade secret protection measures. Working with an experienced IP attorney can help you navigate the complexities of IP law and ensure that your business assets are properly protected.