Intellectual Property. What is it?

What is Intellectual Property ?

Intellectual property (IP) refers to creations of the mind, such as:

• inventions (like the telegraph, the telephone or the light bulb)
• literary and artistic works (like a book, a picture, a song or a painting)
• industrial designs (like a razor or a shaving machine, a car or a fashion item)
• symbols, names and images used in commerce (like the logo and the name of a company)

In simple words it can be whatever we create using our intellect either individualy or collectively (together with other people). According to today's laws intellectual property is considered an asset (property) so the creator can claim his rights over it. 

Why is it important to protect your Intellectual Property ?

Intellectual property protection is absolutely vital for innovation to flourish. Without it there would be no incentive for scientist to create new knowledge or for businesses to exploit it. But above all it is your ideas, your work, your business advantage and possibly a valuable asset that can be traded.

Furthermore IP contributes to both national and global economy. Businesses use their IP to further promote their business advantage and consumers use them as an assurance that they are buying safe, guaranteed products that have undergone careful examinations.

How can we protect Intellectual Property ?

We use what we call IP Rights. IP Rights (IPR) are the rights given to persons over the creations of their minds. They usually give the creator an exclusive right over the use of his/her creation for a certain period of time. A number of tools/methods are used to facilitate protection of the IP rights (IPR): patents, copyright and trademarks, which enable people to earn recognition or financial benefit from what they invent or create. 

Terms discussed

Intellectual Property (IP)  

Intellectual Property Rights (IPR)

Sources

World Intellectual Property Organisation (WIPO): is the global organisation for intellectual property services, policy, information and cooperation.

World Trade Organisation (WTO): It is a global organization consisting of governments from around the world and dealing with trade opening, negotiating trade agreements and operating a system of trade rules. Essentially, the WTO is a place where member governments try to sort out the trade problems they face with each other.