Types of Intellectual Property

Intellectual property types are essential for companies and organizations to understand, as they help them protect their property from theft or imitation. Intellectual property falls into the category of intangible assets.

These assets are typically intangible, as they are the products of human intellect and include product designs, brand names, artwork, logos, and symbols. These IP products fall into six categories: Copyright, trademarks, patents, and trade secrets.

Definition and Purpose of Intellectual Property

Companies of all sizes need to be aware of the definition and purpose of intellectual property to ensure they protect assets and prevent unauthorized use.

Definition of intellectual property

Not all property a company owns is physical. Insuring and recording ownership of technologies like computer equipment is simple, but it’s more legally and financially complex to secure intellectual property such as a brand name or logo. These items require a more advanced set of procedures to secure because they are intangible, requiring proof that the owners created them.

Purpose of intellectual property

The purpose of intellectual property (IP) is to promote safe and secure competition and innovation within markets, as well as creativity and investment, in the way it gives creators exclusive rights to their creations. 

These creations include promotional art, branding imagery, and product designs. IP rights, such as patents, copyrights, and trademarks, exist to protect these assets, preventing other individuals or companies from using them in unauthorized functions.

Main Types of Intellectual Property Rights

The six main types of intellectual property rights include copyright, trademarks, patents, and trade secrets. Companies need to know these types so they can secure their assets and prevent unauthorized use.

Copyrights

Definition/ Purpose

Copyrights hand over exclusive rights for authors and creators to distribute their material by copying or using it as they wish within legal limitations. Copyrights also allow authors and musicians to grant authorization to others to distribute their creative materials.

Protection

Copyrights protect:

• Works of authorship.
• Books. 
• Poems.
• Films. 
• Music. 
• Photographs.
• Online content.

Duration (in the US)

Copyrights filed via the Electronic Copyright Office (eCO) Registration System at the US Copyright Office last for 70 years.

Trademarks

Definition/ Purpose

Trademarks are signs that goods or services belong to one enterprise and signify the lack of ability for other enterprises to claim ownership or use them for their own purposes. Trademarks allow enterprises to ensure that other organizations are unable to make profits from their assets.

Protection

Trademarks protect:

• Unique identifiers.
• Logos and visual symbols (design/ form marks).
• Brand names and words (word marks).
• Slogans and taglines.
• Digital and modern identifiers (Domain names and motion marks).

Duration (in the US)

The duration for trademarks simply covers the time within which the trademarked material remains active.

Patents

Definition/ Purpose

Patents are property rights that allow inventors of products to gain exclusive rights to an invention.

Protection

Patents protect:

• Designs.
• Processes.
• Improvements.
• Physical inventions like machines.

Duration (in the US)

Patents filed in the US Patent and Trademark Office are valid for a duration of 20 years.

Trade secrets

Definition/ Purpose

Trade secrets grant organizations IP rights to confidential data, which has the potential to be sold or licensed. This intellectual property right protects organizations from unauthorized parties from using secret information in a way that runs counter to honest commercial practices.

Protection

Trade secrets IP rights protect:

• Processes.
• Customer lists.
• Financial data.
• Recipes.
• Marketing strategies.
• Manufacturing methods.
• Software source code.

Duration (in the US)

No limit on duration, as long as the information holds a competitive edge and remains secret.

The types of intellectual property include copyright, trademarks, patents, trade secrets, industrial designs, and geographical indications. When companies are aware of these, they gain the ability to protect their assets and remain competitive and innovative in an increasingly knowledge-based market where IP rights gain in value every year.