What is intellectual property?
Intellectual property, on a very broad basis, means legal rights resulting from intellectual activity in the industrial, scientific, literary and artistic fields. Intellectual property rights grant an exclusive right to the inventor, creator, or assignee to take full advantage of his invention or creativity, to enable them to reap commercial benefits from their creative efforts or reputation. Intellectual property rights are protected by law with many types of intellectual property protection such as patents, copyrights, and trademarks. Intellectual property rights fall into two categories: literary and artistic property includes: Copyright and related rights (or related rights) Industrial property includes: patents, trademarks, industrial designs and geographical indications Benefits of protecting one's intellectual property: Having the right to protect intellectual property helps you prevent people from Steal or copy your invention or innovation and reap commercial benefits from your creative efforts. For business people: Intellectual property rights are important to your company because they can:
Enhance the market value of your business
Define your business regardless of competitors
Sold or licensed, providing a significant revenue stream
Offer customers something new and different
They are an essential part of your marketing or branding
To be used as collateral for loans
For society: Protection of intellectual property is vital to maximize the benefits of research and development in the life sciences.