According to the World Intellectual Property Organization (WIPO), intellectual property refers to intangible creations of the mind, such as inventions, literary and artistic works, designs and symbols, names, and images used in commerce. Other examples of intellectual property include domain names, computer software, works of authorship, databases, commercial secrets, service marks, etc.
Intellectual property is typically classified based on the form of protection the law provides. The types of the intellectual property therefore include;
Patent
This is an exclusive right granted for an invention, a product, or a process that provides a new way of doing something or offers a new technical solution to a problem. Examples of famous patents include the lightbulb and the telephone.
Patents could be utility, design, or plant patents. A “patent” refers to inventions and discoveries that are new, useful, and not obvious. It protects how the story works or is used. A design patent protects the way the invention looks. In the US, a plant patent is granted to an inventor who has discovered and asexually reproduced a distinct and new variety of plants other than a tuber-propagated plant or a plant found in an uncultivated state.
Copyright
Copyright protects original works of authorship as soon as the author fixes the work into a tangible form of expression. This includes paintings, photographs, illustrations, musical compositions, sound recordings, computer programs, books, logos, poems, blog posts, movies, architectural works, plays, etc.
Trademark
This refers to any word, phrase, symbol, logo, design, or combination that identifies your goods or services. The term “trademark” can refer to both trademarks and service marks. A trademark is used for goods, while a service mark is used for services. A trademark means you have the right to control how that word, phrase, or symbol is used for your specific goods or services. Some famous trademarks include Google, Apple, and Twitter.
Trade secret
This is any confidential business information that provides an organization with a competitive edge. They are often used when an invention is not eligible for a patent or if the inventor does not wish to disclose the “secret” publicly. Trade secrets include sales methods, distribution methods, consumer profiles, advertising strategies, lists of suppliers and clients, manufacturing processes, recipes, etc. The Coca-Cola recipe is one of the most famous trade secrets.
Geographical Indication
A geographic indication (GI) is a sign used on products with a specific geographical origin and possesses qualities or a reputation due to that origin. To function as a GI, a character must identify a product originating in a given place.
The product’s qualities, characteristics, or reputation should also be primarily due to its place of origin. GIs are usually used for agricultural products, foodstuffs, wine and spirit drinks, handicrafts, and industrial products. Examples of protected GIs include Champagne, Roquefort, and Tequila.
Different countries and regions typically offer protection for GIs through a combination of two or more of the following:
- special regimes of protection (sui generis systems);
- collective or certification marks;
- methods focusing on business practices, including administrative product approval schemes and
- unfair competition laws