By Tavonga Chirikure, Intern.

What is it?

According to the World Intellectual Property Organization, intellectual property is “creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names and images used in commerce.” These are intangible assets.

IP is protected in law by, for example, patents, trade secrets, copyright and trademarks, which enable people to earn recognition or financial benefit from what they invent or create.”

Types of Intellectual Property

There are four main types of intellectual property. These are:

1. Copyrights – Investopedia says a “copyright is the exclusive right that the owner of an intellectual property has. It protects the creator’s work from unauthorized duplication or us.” Items protected by copyrights include writings, musical recordings, films, plays, and other creative works that are recorded into a tangible medium.
2. Trademarks – “A trademark is any legally-protected abstract or figural representation or slogan associated with a company or product that deliberately differentiates it in the market” (Merriam-Webster dictionary). These include logos and slogans that are used to identity particular goods. Trademark laws also cover service marks and trade dress.
3. Patents – The Bing Oxford Dictionary defines a patent as a government authority or licence conferring a right or title for a set period, especially the sole right to exclude others from making, using, or selling an invention. These include inventions and other mechanical or technical innovations
4. Trade Secrets – According to Investopedia, a trade secret is any practice or process of a company that is generally not known outside of the company. These consist of recipes, instructions, production methods, and other information that gives a person or a business a competitive edge and is not readily accessible by the general public.

What is intellectual property law?

It is the branch of private law that governs intellectual property. Its purpose is to control who gets to use creations including new products, artistic works, and designs. The purpose of intellectual property law is to allow the people who create and invent things to profit from their work.

Why intellectual property law?

Intellectual property protection is critical to fostering innovation. Without protection of ideas, businesses and individuals would not reap the full benefits of their inventions and would focus less on research and development. Similarly, artists would not be fully compensated for their creations and cultural vitality would suffer as a result

What does it entail?

In entails the rights and responsibilities that inventors have with regards to their intellectual property – their ideas and inventions. It protects them from infringement and plagiarism as well as

Who has rights to intellectual property?

Anyone with an idea or invention or intellectual property of any sort is entitled to intellectual property rights, provided they take action to acquire them and they pay for them. This means that anyone who, who is proactive will receive the protection they need to help them benefit from their ideas and hard work.

Advantages of Intellectual Property

• There are no fees associated with IP
• Ability to have a competitive edge over other similar businesses
• IP enhances your company’s value
• IP helps you market your company’s products and services
• You can more easily obtain financing for your business
• Greater export opportunities

Disadvantages of Intellectual Property

• Additional costs
• Pirating
• Reduced quality

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