Types of IP- Trade Secrets are distinct

Intellectual property (IP) is a company’s or individual’s asset that is used to create new products. It is a type of asset created by the capability of the human mind that is legally protected to ensure that only the owner can benefit from using it.

Intellectual property is based on the idea that some ideas are just as valuable as physical assets and can be utilized to generate revenue. Today, most countries provide intellectual property protection.

Intellectual Property (IP) Examples

Patents: A patent is a legal right that is granted for a new invention. The invention could be a product, a process, a manufacturing process, a design, or an improvement on an existing idea. Patents grant the owner exclusive rights to use them. It must be approved by the appropriate authorities before it can go into effect and has a life span of about 20 years.

Copyrights: These are the rights granted to any literary work that is created. It takes effect the day the work is completed and does not require approval from anyone.

Trademarks: They are any pattern, design, symbol, or other insignia that symbolizes a brand and can easily be used to distinguish it from other brands. It is assigned to a single brand, and a trademark cannot be assigned if something similar to it has already been registered by another brand.

Trade secrets: As the name implies, trade secrets are a company’s unique method of performing a task or producing a product that gives the company an advantage over its competitors. NDAs protect it, and no special rights are granted to it. Its anonymity provides the best defense.