Understanding the Different Types of Intellectual Property
In today’s rapidly evolving world, intellectual property (IP) is a crucial part of the economy, helping businesses and individuals protect their creations and innovations. Intellectual property refers to creations of the mind, such as inventions, literary and artistic works, designs, symbols, names, and images used in commerce. The protection of intellectual property helps ensure that creators and innovators can benefit from their works, and it promotes economic growth, creativity, and competition. In this blog, we’ll take a closer look at the different types of intellectual property and how they function. 1. Patents A patent is a form of intellectual property that grants exclusive rights to an inventor or creator for a specific period of time (usually 20 years), during which no one else can make, use, or sell the invention without permission. This protection applies to new inventions or discoveries, which can include technological innovations, devices, processes, or methods. Key Fe...