Intellectual Property (IP) is an intangible asset which could be financially exploited by businesses since it can be licensed or sold just like any physicals property. Unfortunately, not every company is aware that they possess such asset.
Upon establishing your business presence in the marketplace, managing and securing your intellectual property is crucial as it can make or break your business. Apparently, it could mean the difference between your success and failure. Yes, that’s how valuable your IP is!
In fact, this is the reason why it’s critical for every business to recognize and understand the forms of IP. While a few involve formal applications and examination processes to register an IP, some don’t require a registration process.
The following is a list of important terminologies to get you started with understanding IP.
Have a good read below:
A patent is what provides the exclusive right to an inventor to prevent others from using his invention (for a limited time) without his permission.
Usually, a full-term patent is registered for twenty years. There are countries where it’s is also possible to register a short-term license for ten years. However, what isn’t allowed is to register both a full and short-term patent for the same invention. In case both patents are granted, the short term patent will thus be void.
Philippines’ Aumento IP Law Firm offers patent registration as one of its major legal services.
Copyright is what protects the copy of your invention. Aside from artistic, musical, dramatic, and literary works, it also includes sound recordings, original databases, broadcasts, films, cable programmes and even typographical composition of published copies.
The range of security varies depending on the work. Like for instance, copyright in artistic, musical, dramatic, and literary works, a film or an original database expires seventy years after the death of the author.
On the other hand, the duration for the remaining forms which include sound recordings, broadcasts, cable programmes and typographical arrangements, is fifty years.
Trademarks identify products and services or the business as a whole as produced by a particular person or enterprise. The period of protection is ten years, but a trademark can be renewed indefinitely upon renewal payment.
4. Database Right
The one who owns a database right can undertake and authorize others to extract or reuse all or just a substantial portion of the contents of a protected database.
A database is safeguarded where there has been a considerable investment in obtaining, verifying or presenting the contents of the database. This right is separate to copyright.
The duration of the database right is 15 years from the end of the calendar year in which the making of the database was completed, or it was first re-utilized.
Designs can be registered if it is a new and include individual characters. Authorities can consider designs NEW when nothing like such has been made available to the public before.
Moreover, one can tell it has an INDIVIDUAL CHARACTER if the overall impression the design produces on an informed user is different from another design that has previously been made available to the public.
Getting a reasonable knowledge of intellectual property allows businesses to incorporate such assets into their planning and strategy, thus helping their brand grow and earn valuable profits.