What is Intellectual Property?

Intellectual properties are assets that are creation of the mind. They are ideas or inventions in any field. They also include names, symbols, logo, image, designs, models and processes. Anything that is innovative, novel and holds high value in the marketplace is an intellectual property. An intellectual property is identification for your brand and has the potential to reap profits. Being of immense value, these assets must be protected. Canadian Intellectual Property Law governs the regulation and exploitation of Intellectual property in Canada. Intellectual property right laws provide exclusive rights and protection to the owner.

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In this competitive world of business, protection of your ideas and inventions is vital because of several reasons:

1. It prevents competitors from copying or imitating them.
2. Protects the assets distinct identity and brand reputation. Provides protection against infringement.
3. Gives exclusive rights to the owner enabling him to profit from them.
4. Brand recognition.
5. Helps in building trust and loyalty amongst your customers.

There are different types of intellectual property rights. Depending on the type of asset you can apply for an intellectual property protection.

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Trademark

A trademark is anything the represents your brand or your products or service. It can be a letter, word, image, symbol or logo that helps distinguish your brand from that of others. Trademark registration ensures protection of the unique identity of your brand.

Patent

The best way to protect an idea or invention is to patent it. In order to be eligible for a patent, your invention must be novel, inventive and practical. You can patent a product as well as a process. Patenting your invention also opens up avenues for profit. You can either sell or license your patent for a fee and royalty to gain benefits out of your invention.

Copyrights

A copyright is the right to use and distribute a work or its substantial part. Copyright grants protection for literary, artistic, dramatic or musical works. This ensures that they are not performed, published, broadcasted or imitated without your permission. Usually, the creator is a copyright owner who can control the use of his work.

Industrial Designs

Industrial designs are features of the product, like its shape, configuration, pattern or decor. These designs must have features that appeal to the eye. They may be anything like shape of the monitor screen or contour of a car hood. If you have created innovative products with distinct features, you may want to protect it by registering it as an Industrial Design.

Trade Secrets

Any valuable business information deriving value out of its confidentiality is a Trade Secret. These include sales methods, formulas, ingredients, customer profiles, etc. They are usually protected by means of confidentiality agreements or clauses, encryption and password protection.

Intellectual property is extremely valuable to businesses and hence it is wise to guard it. Applying for any of the above mention intellectual property rights requires knowledge and patience. Taking help of an intellectual property lawyer who is well versed with intellectual property right laws is recommended.