Intellectual property can take many forms. Although it's an intangible asset, intellectual property can be far more valuable than a company's physical assets. Intellectual property can represent a competitive advantage and as a result, is fiercely guarded and protected by the companies that own the property.
Intellectual property can consist of many types of intangibles, and some of the most common are listed below. A patent is a property right for an investor that's typically granted by a government agency such as the U.
Patent and Trademark Office. The patent allows the inventor exclusive rights to the invention, which could be a design, process, an improvement, or physical invention such as a machine. Technology and software companies often have patents for their designs. For example, the patent for the personal computer was filed in by Steve Jobs and three other colleagues at Apple Inc. Copyright provides authors and creators of original material the exclusive right to use, copy, or duplicate their material.
Authors of books have their works copyrighted as do musical artists. A copyright also states that the original creators can grant anyone authorization through a licensing agreement to use the work. A trademark is a symbol, phrase, or insignia that is recognizable and represents a product that legally separates it from other products. A trademark is exclusively assigned to a company, meaning the company owns the trademark so that no others may use or copy it. A trademark is often associated with a company's brand.
A franchise is a license that a company, individual, or party—called the franchisee—purchases allowing them to use a company's—the franchisor—name, trademark, proprietary knowledge, and processes. The franchisee is typically a small business owner or entrepreneur who operates the store or franchise. The license allows the franchisee to sell a product or provide a service under the company's name. In return, the franchisor is paid a start-up fee and ongoing licensing fees by the franchisee.
A trade secret is a company's process or practice that is not public information, which provides an economic benefit or advantage to the company or holder of the trade secret. Trade secrets must be actively protected by the company and are typically the result of a company's research and development.
Examples of trade secrets could be a design, pattern, recipe, formula, or proprietary process. The jury believed Mata. He walked away from a potential five-year jail term. Schell, B. Any product of someone's intellect that has commercial value : copyrights , patents , trademarks and trade secrets. Intellectual-property Sentence Examples. Related articles. Also Mentioned In. Words near intellectual-property in the Dictionary.
Although patents are exclusively governed by federal law, trademarks may also be regulated by State law. Copyrights are exclusively regulated by federal law and must be registered with the U. Copyright Office to be enforceable. Trade secrets are primarily regulated at the State level, and are traditionally subject to the laws of unfair competition. Unless expressed explicitly via state statute , designs are not protected as intellectual property.
Please help us improve our site! No thank you. The effort is headquartered at the National Intellectual Property Rights Coordination Center, a government watchdog aimed at enforcement of its international trade laws and combating intellectual property theft. However, intellectual honesty is the first thing to go when you are forced to constantly pander to your base.
Last week, property owners were beaten by security guards as they confronted a real-estate developer who defrauded them. When the police showed up, it was the property owners who were arrested. Both impart the experience of sitting with brilliant Cubans over a rum to debate the State of Cuban Intellectual Life.
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