Protecting business assets may be one of the most important jobs you will tackle. Most of a company’s assets are easy to identify. Usually, protecting those assets is not a difficult puzzle to solve. However, intellectual property may be another story altogether. And if you are wondering, “What is intellectual property?” you are not alone.
Defining Intellectual Property
According to the World Intellectual Property Organization, intellectual property or IP
“refers to creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names and images used in commerce.”
Other definitions include:
- Investopedia: “Intellectual property is a broad categorical description for the set of intangible assets owned and legally protected by a company from outside use or implementation without consent.”
- Legal Information Institute: “In general, intellectual property is any product of the human intellect that the law protects from unauthorized use by others.”
But you will find that there’s more than one kind of IP.
Types of Intellectual Property
The four basic categories of intellectual property are:
Patents. Inventors and designers might apply for a patent to protect their exclusive right to use their inventions and designs. However, they must have produced something innovative that has not already been used or patented. As a patent holder, you should be entitled to hold others accountable for using your creation without permission. The United States Patent and Trademark Office (USPTO) handles patent applications.
Trademarks. Both trademarks and service marks identify your company’s products and services. A trademark can be a “word, name, symbol, device, or any combination” that distinguishes your goods and services from other companies. You can apply for trademark protection from USPTO.
Copyrights. Unlike patents and trademarks, you don’t apply for copyright protection. Instead, your work is automatically copyrighted upon its creation. The United States Constitution provides for the protection of copyrights. In some cases, you may register your work, but it is not necessary. If someone steals or misuses your copyrighted material, you may have grounds to sue them for infringement.
Trade Secrets. According to USPTO, a trade secret:
- “is information that has either actual or potential independent economic value by virtue of not being generally known,
- Has value to others who cannot legitimately obtain the information, and
- Is subject to reasonable efforts to maintain its secrecy.”
Trade secrets are protected by law without being registered. However, the owner of the trade secret must take steps to protect it and prevent it from being discovered by others.
Answering the Question, “What Is Intellectual Property?” Is Fairly Easy
But properly protecting it and understanding laws on how to deal with it are different matters. It makes sense, then, to talk with an attorney about protecting your company’s intellectual property assets.
Attorney Richard Sierra at the Florida Small Business Center assists clients like you with business and litigation matters. As always, Our Goal Is to Help You Succeed™. For an appointment, you may call us at 1-866-842-5202 or use the contact form on our website. We represent clients throughout the State of Florida, including Coral Springs, Coconut Creek, Boca Raton, Delray Beach, Pompano Beach, Sunrise, Fort Lauderdale, Miami, West Palm Beach, Jupiter, Deerfield Beach, Stuart, Port St. Lucie, Orlando, Naples, Fort Myers, Sarasota, Tampa, and surrounding communities.