The 4 Types Of Intellectual Property - Everything You Need To Know
Intellectual property comprises intangible products that form as the result of a creation of the human intellect. Simply put, intellectual property rights allow you to protect your creations, to ensure that you’re not caught up in legal issues at a later date.
There are many reasons why you might find yourself looking for an IP lawyer in Sydney - registration, litigation, and even portfolio management. If you’re confused as to whether you need an intellectual property lawyer in Sydney or not, it’s important to educate yourself on the different types of intellectual property first.
A patent is exclusively an IP that allows you to prohibit the use, creation, or sale of a particular property by a secondary party. Generally, these are the most common IPs that come to the mind of individuals that are trying to protect their intellectual property from the interference of a third person.
There are 3 types of patents:
- Utility - New or improved product, process, or composition of matter.
- Design - For ornamental design on items
- Plant - New kinds of plants through cuttings
Trademarks are yet another common form of registrations in the intellectual property market. A trademark allows a brand to protect a symbol, a word, or in some cases, a set of words (or a phrase) for easy identification. Once a trademark has been placed, no external third party can use the trademark unless given permission for use by the trademark holder.
More commonly used in the entertainment industry, copyright is different from the rest of the intellectual properties available. Unlike the rest, copyright does not protect the formation of an ‘idea’ but instead, protects a tangible property in the form of creative creations and original work.
Art, music, scripts, lyrics, and much more are protected by the law of copyright. Gaining the benefit of the copyright law allows you to hold the unabashed right to sell, publish, or reproduce the work that has been created by the respective author.
Let’s take the example of KFC - KFC exclusively mentions how its recipe is a secret that will never be released to the public. Even though they’ve dropped a light on the subject that it holds the mixture of 11 special herbs and spices, the Kentucky fried chicken company remains confident about the fact that it will never reveal the substance of its recipe to its customers.
This particular stance comes with the help of trade secrets. Trade secrets are used to protect the proprietary systems, the formulas, and in some cases, the recipes of the company. This allows the information to become confidential and unauthorized for use by the public.
Most businesses that register for trade secrets are able to build a high level of competitive advantage in their respective market, by maximizing the value of their product and enabling the establishment of a product that only they are capable of knowing, developing and monetizing.
Still, have questions? Reach out to a representative of the law of intellectual property
Once you gain a basic understanding of the kind of intellectual properties that are available in the market, you can know whether you need to hire a technology lawyer in Sydney or another. The lawyers at W3IPLaw are capable of helping you understand and apply the law of intellectual property in your business.
Depending on the requirements you hold, you can hire the lawyer you need for your business or entrepreneurial needs, today. Hire a professional and you’ll be able to work like a professional!