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What is Intellectual Property? A Brief Overview

Intellectual Property

Documenting everything on paper is a must these days. It shows ownership and makes the person sure that their creation and product are under their name and no one can claim rights to it. When it comes to tangible things like a vehicle or a piece of property, claiming ownership is quite easy. It is because the thing on which you are claiming ownership is touchable and substantial. On the other hand, professing ownership over something non-physical or intellectual property is quite a different and somehow difficult task.

But you don't need to worry because in this read we are going to briefly discuss intellectual property, its types, and how it aids businesses. You might wonder about the connection between intellectual property and business. Well, you are most definitely at the right place so embrace yourself for the overflow of information.

Table of Content

  1. What is Intellectual Property?
  2. Real-Life Examples of Intellectual Property Frauds
  3. Types of Intellectual Property
    1. Copyrights
    2. Patents
    3. Digital Assets
    4. Trademarks
    5. Trade Secrets
  4. Importance and Benefits of Intellectual Property in Business
    1. Protecting Innovations
    2. A Legal Approach
    3. Revenue Generation
  5. Final Thoughts!

What is Intellectual Property?

Intellectual property refers to the type of property which is totally the creation and invention of the human mind. Even the name suggests that this property is based solely on intellect and of course, its human intellect we are talking about. The most common example of this type of property is the designs and symbols that you see. These assets are completely non-tangible which means that they have no physical existence.

When the word property comes into an average individual's mind, the first thought is some kind of land, irrespective of residential or commercial one. This is what we are talking about in general, you might disagree with it. However, intellectual property is a non-physical asset. Now if it's a non-physical asset, it means no one can touch it. Claiming rights on something that isn't seeable to others can be difficult as anyone can say “I am the creator of this design” or “I am the owner of this symbol”.

Hence, anyone can say anything and what can the real owner do if they don't have anything to prove that they are the real owner? This is where we humans came up with the concept of intellectual property rights. Today, no one can claim rights on one’s property. There are examples in our history where these frauds happened and companies had to suffer from the loss.

Real-Life Examples of Intellectual Property Frauds

The problem we have stated above is a real and genuine issue suffered by most organizations. The most famous case of intellectual property fraud is the one that happened in 2012. In 2012, the U.S. jury sentenced Samsung guilty of stealing Apple’s patents related to mobile designs and some utility patents. Samsung was ordered to pay Apple more than a billion dollars for the damage to intellectual property.

A similar case had also emerged in 1993, where General Motors accused Volkswagen of infringing its automotive designs. Later, it was found out that a former employee of General Motors had done this because of their current job at Volkswagen. However, the case was settled out of court where Volkswagen paid General Motors a huge amount of money as compensation.

There are many examples in human history where you will find such thefts and frauds. The 2006 scandal between Coca-Cola and PepsiCo is another example of intellectual property theft.

Types of Intellectual Property

To completely understand intellectual property, it is vital to know about its types that help you secure rights over your intellectual property.

1. Copyrights

Intellectual property does not only refer to designs, symbols, and logos, rather it is a broad field that also consists of literary and artistic rights. The most common example of copyrights is in movies and videos. If you watch YouTube content, you must have heard that content creators can't play certain sounds in their videos because of the “copyrights issue”. In simple words, copyrights are territorial rights that creators claim over something that they create.

For example, singers and songwriters claim copyright over their songs and music. And if any person uses them without their permission and acknowledgment, these creators can file a case over the violation of copyrights.

2. Patents

Patents are also ownership rights that any person claims over their invention. They are mainly claimed over designs and logos, which can range from any industrial design to blueprints. It can also be the design of any machine.

3. Digital Assets

Digital assets consist of software algorithms or codes or any digital content that is intangible. There is a validity of these assets such as patents. For example in the United States, the life of patents is 20 years. It means that after 20 years, you have to renew your patent or it will expire. In case of expiry, if someone tries to steal your design you are not eligible for filing any case of violation of intellectual property rights.

4. Trademarks

Trademarks are slogans, brand names, and symbols that give your brand a distinctive look in the global market. These trademarks are the reason people identify your business in the diverse markets where there are competitive businesses as well.

5. Trade Secrets

Trade secrets are very confidential information that is secured with the help of IP rights. One has to authorize these rights in order to keep important information from third parties. These secrets are the result of one business’s R&D which needs to be kept safe at any cost.

Importance and Benefits of Intellectual Property in Business

One of the sectors that get the most benefits from intellectual property rights is the business sector. It is IP rights that keep your confidential information from your antagonist businesses. Following are some of the benefits that you get after successfully going for the IP rights of your intangible assets.

With the help of intellectual property translation, you can even expand your business on foreign grounds irrespective of linguistic and cultural differences. Patent translation will help you show legality on foreign lands or else your business can suffer a massive blow.

1. Protecting Innovations

With the help of IP rights, businesses get to save their innovations under their own name. Creativity is what everybody seeks today. And if one gets that creative thought or design for free, why wouldn't one indulge in it? In order to keep businesses safe from this prospect, humans have come up with intellectual rights. It is because of intellectual rights that either your business plans or logos belong to you as the real owner — and nobody else.

2. A Legal Approach

Going for patents and copyrights provides you with a legal way of securing your asset right under your name. This legal approach keeps your business on the safe side of the law.

3. Revenue Generation

And of course, going for the legal way makes your business the audience’s favorite in the market. If you examine closely, this positive look attracts quite a bunch of audience towards your business. In the long run, this influx of audience allows your business to earn great revenue and stay longer in the global market.

Final Thoughts!

To sum up, intellectual rights are the reason your digital assets are safe today. With the help of patents, copyrights, and trade secrets you can showcase ownership over your creation in the most legal and right way.

Wondering how Mars Translation might help? Think of registering your unique ideas and assets in a global marketplace. We act as your trusted partner by providing patent translation services that help your brand demonstrative authenticity on the international stage.

Patent infringement cases, lawsuits, marketing patents, and even patent applications…you name it. Our translation services can support all your needs. So, what are you waiting for? Use our services today and get the best patent translation experience.

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