A general definition of Intellectual Property Rights are the rights that a person or a company has to creations of the mind. These rights protect the assets from the competition infringing for a period of time. The idea here is to encourage innovation without the worry that someone else will swoop in and steal your idea.
Types of intellectual property:
- Trade Secrets: Protects secret information such as special formulas or a new invention.
- Trademarks: Protects brands such as Microsoft, Apple, etc.
- Copyrights: Protects written works such as books or movies
- Patents: Protects functions or ornamental features such as the design of a product.
It can get a little tricky figuring out which types of intellectual property protection you may need. Startups are especially prone to overlooking this critical step in their development due to not understanding its value or simply trying to cut costs.to understand the basic process of purchasing IP rights.
Fortunately, you don’t have to go down this road solo. Let LawTrades help. We can connect you with a highly skilledthat can help you identify which protections are appropriate for you.