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Protecting Intellectual Property
The idea of property protection has been around since the early 500 BCE in Greece. Their chefs were granted year-long exclusive rights for creating specific cuisines.
Now, the goal of intellectual property protection has stayed the same, which is to prevent the unlawful copying of ideas and encourage creation of new products which will benefit the public and strive for more free-market competition.
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Copyrights
- Copyrights cover the protection of new artistic and literary works such as books, plays, movies, and even the photo you took for your social media profile;
- Copyrights are automatically created the moment you produce something, however it is recommended to formally register for a copyright because during the possibility of an infringement case, you are allowed to collect statutory damages;
- It usually lasts for the lifetime of an author plus 70 years.
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Patents
- Patents focus on protecting scientific items such as drugs, inventions, and technologies;
- Patents go through a rigorous application and filing process where they need to submit a precise description of the item and be examined by an expert patent examiner that will determine whether the item meets their standards;
- Patents last for 20 years from the date they're filed.
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Trademarks
- Trademarks do not protect artistic or technological works but instead the companies that create them such as Coca-Cola, Play-Doh, and NBC;
- Trademarks are born out of use in commerce and can range from logos, brand names, smells, designs, and even sounds;
- They can last indefinitely as long as they are in active use. Registering for a trademark grants you exclusive nationwide usage and it helps you sort through the different product offerings in a competitive market.
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