| Intellectual property rights provide legal rights over | | | | - Patent: A patent is set of exclusive rights that are |
| creations of the mind, including both artistic and | | | | provided by a state to an inventor in exchange for a |
| commercial creations. Intellectual property law | | | | disclosure of an invention. The patent provides the |
| provides owners with certain exclusive rights to a | | | | inventor the right to exclude others from making, |
| variety of intangible assets, as well the financial | | | | using, or selling that invention. The right is for a limited |
| incentive of monopoly profits. The common types of | | | | time and usually lasts for 20 years after the filing |
| intellectual property are copyrights, trademarks, | | | | date. |
| patents, industrial design rights and trade secrets. | | | | - Industrial Design Rights: Industrial design rights are a |
| Details of the Common Intellectual Property Types | | | | set of intellectual property rights that protect the |
| The following describes the common types of | | | | visual design of objects. The creation of shape, |
| intellectual property in detail: | | | | configuration or composition of pattern or color or |
| - Copyright: Copyright laws protect artistic creations | | | | combination of pattern and color containing aesthetic |
| such as books, movies, music, paintings, photographs, | | | | value constitutes an industrial design. The rights last |
| and software. You do not obtain the rights for ever, | | | | for fourteen years. |
| usually for 50 to 100 hundred years, after which point | | | | - Trade Secret: A trade secret is a formula, practice, |
| your work is said to enter the public domain. | | | | process, design, instrument, pattern or compilation of |
| - Trademarks: A trademark is a sign that is used to | | | | information which is not generally known or |
| identify a product or service to consumers as | | | | reasonably ascertainable. Additionally, a business |
| originating from a unique source and to distinguish | | | | should be able to obtain an economic advantage over |
| that product or service from other entities. A | | | | competitors or customers by keeping this information |
| trademark is typically given to a name, word, phrase, | | | | private. |
| logo, symbol, design, image or combination. | | | | |