Intellectual property needed to incentivize innovation and for assurances for costumers that they are purchasing legit technology instead of counterfeited one.
Divided into two types: Industrial property (patents, trademarks, industrial designs, geographical indications) and copyrights.
What’s a patent?
A 20-year lasting monopoly (must ask permission to use the technology, can be sold) of an individual over a new way to do something or a new solution to a problem. Must have clear language and enough detail so that the average person can reproduce the invention in the patent application. If patent is granted, the patent holder is obliged to publicly disclose information about their invention to the public.
What’s a trademark?
An identifier to a certain product and services provided by an entity, made to prevent counterfeiting of similar services (Ex: No company can use the phrase ‘I’m loving it’ except McD) AND ALSO to identify compliance to a certain standard of products (certification, if you may call it like ISO 9000 Environmental standard). Comes in the forms of certain word, shapes, holograms, sounds, combination that is unique and original. Trademark is renewable, unlike patents that can only last for 20 years.
What’s an industrial design?
A non-functional ornamental or aesthetic aspect of an already existing product (ex: certain pattern and chassis design in cars, etc.). NON-TECHNICAL! Different standards exist to what industrial design can be considered and original and not (open to debate). Lasts up to 15 years.
What’s a geographical indication?
An identifier that a certain product is made in a certain location, and thus, possessing qualities and reputations of that place of origin. What are these qualities? Lots. Climate, soil property, local specialty and tradition, etc. (Ex: Swiss Cheese, Tuscany Wine, etc)
What’s a copyright?
Protection of literary and artistic work Works covered by copyright include, but are not limited to: novels, poems, plays, reference works, newspapers, advertisements, computer programs, databases, films, musical compositions, choreography, paintings, drawings, photographs, sculpture, architecture, maps and technical drawings. Prohibits reproduction, publication, and adaptation of the works without the permission of the copyright holders. Generally last until 50 years of the creator’s death.