Protecting Innovation
In a time when the world is becoming increasingly volatile, uncertain, complex, and ambiguous, creative individuals and organisations can thrive by developing innovative products and solutions. The most common means of protecting innovation and creative expressions are referred to as Intellectual Property, or IP for short. In simple terms, intellectual property is something that you create using your mind; the level of protection you choose depends on the perceived value of that creation. Depending on the form of expression, IP can be legally protected through copyrights, patents, trademarks, and trade secrets.
One of the most common myths about protecting IP revolves around the safeguarding of "ideas," but the law only safeguards the "expression" of that idea and not the idea itself.
Among copyrights, patents, trademarks, and trade secrets, the most effective and exclusive is the trade secret, which enjoys the highest level of legal protection. However, it is the responsibility of the business to ensure its protection, as the consequences of losing a trade secret can be severe. Examples of famous trade secrets include the formulation of Coke concentrate and KFC's secret recipe.
Copyrights
Copyright is a legal protection granted to creators of original literary, artistic, and intellectual works. It grants creators exclusive rights to reproduce, distribute, perform, display, and adapt their works. This encompasses a wide range of creative works such as books, music, films, software, art, and more. Copyright protection is automatically granted upon the creation of the work and typically lasts for the creator's lifetime plus a certain number of years, varying by jurisdiction. Creators or their agents can license the creation for commercial use, and the creator receives payment for such use. Copyright protection is intrinsic, and there is no need to include a © mark on your Instagram posts. Copyright protects photographs, paintings, novels, books, and articles.
Patents
A patent is a legal right granted to inventors for their new and useful inventions. It provides the patent holder with the exclusive right to make, use, sell, and license their invention for a specified period, usually around 20 years from the filing date. Patents cover a wide range of inventions, from technological devices and processes to methods, designs, and even certain types of plants. In exchange for these exclusive rights, inventors must publicly disclose the details of their invention, contributing to the advancement of technology and knowledge.
Patent protection is widely used in knowledge-intensive industries like technology and pharmaceuticals. Companies with a large number of patents, such as Google and Samsung, gain a significant competitive edge. Unlike trade secrets, patents require disclosing inventions, but inventors gain exclusive rights to commercialize their inventions for a specific period. To obtain patent protection, inventions must pass the tests of novelty, non-obviousness (inventive step), and usefulness (utility). Meeting these three criteria is crucial for an innovation to be considered patentable.
Trademark
A trademark is a recognizable sign, symbol, phrase, or design that identifies and distinguishes goods or services from a specific source. Trademark protection helps companies establish and maintain a unique brand image in the market. Registering trademarks provides stronger legal protection and prevents others from using similar marks that could lead to confusion.
In summary, copyrights protect creative expressions, patents protect inventions, and trademarks protect brands and their unique identifiers. These forms of intellectual property rights play a crucial role in fostering innovation, creativity, and fair competition across various industries.
References :
Courseware from PG Diploma in Intellectual Property Rights https://www.forbes.com/sites/johnkoetsier/2023/01/14/samsung-beats-ibm-apple-intel-google-for-2022-patent-crown-56-of-us-patents-go-to-foreign-firms/
https://www.gov.uk/guidance/valuing-your-intellectual-property