What Is Intellectual Property?
What is Intellectual Property? This is a question many ask when considering the topic of international business, but it is an important one. International Business is simply the trade of products between entities. Therefore, intellectual property is any intellectual property owned by an entity.
Intangible assets are those assets which do not change hands during the transaction. Intellectual property rights are the ones that give you the right to make a product, apply a patent, or patent a product. There are many categories of intangible assets, and some nations recognize more than others. The United States has an interesting mix of intangible assets and goods. Some categories include patents, trademarks, trade secrets, and copyrights.
Design right is a term that can be defined as the right to alter a product or a process. It pertains to the idea, the structure, and the details that go into making something. An example of a design right is the right to alter or modify the look of something. You might have a design right to add a door, or add windows, and that would be a design right. A patent on the design right would give you the exclusive right to that design right.
Trade secrets are not quite as easy to classify as are ideas and designs. There are some trade secrets that are so specific that they do not qualify as intangible assets. However, there are some exceptions to this as well. For instance, a patent can be claimed for a process that makes certain types of glasses work. That in itself would be a trade secret, but you can also patent a method of how to use a specific piece of equipment.
A trademark is very similar to a trade secret as it relates to protecting your assets. Trademarks are not easy to define, but a good rule of thumb is to think of them as identifying your product. If someone sees your logo and uses it in conjunction with your product, they are using your trademark. A trademark can include anything that a customer can think of to identify your product. Trademarks can also include slogans or images.
Patents are the easiest way to describe what is intellectual property. Basically, a patent grants you the right to manufacture or create something that does not exist yet. That way, you can make money off of it. You cannot patent your own idea, but you can patent a method of doing it. The government will not allow someone to patent your entire idea because it would open up all kinds of stealing.
Now, there are two main ways that people actually acquire intellectual property. First, you can hire a lawyer and file for a patent. This requires that you go through all the legal red tape and it can take a while to get an application through all the databases. There is also the option of using the services of a company that specializes in IP businesses. These companies will help you through every step of getting your property protected. They can also handle the process of filing your patent and obtaining a trademark.
There is much more to what is intellectual property than just these two methods. There are a number of other ways that someone can acquire intellectual property without spending a dime, but they often do not come to mind when someone mentions intellectual property. This is why it is very important to make sure that you protect your assets at all times. If you have valuable inventions, tools, information, or ideas that you do not want taken, make sure that you protect them. Protecting what is intellectual property is the best way to ensure your survival.