What is intellectual property (IP)?
- Intellectual property (IP) as a term describes the ideas, inventions, artworks, music and literature that are basically intangible in creation.
- IP is the commercial application of imaginative thought to solving a technical or artistic challenge.
- Intellectual Property Rights (IPRs) are legal rights that aim to protect the creations of the human intellect.
- IPRs encourage innovation by granting exclusive rights to the creators or inventors of new ideas, inventions, literary and artistic works, designs, symbols, names, and images used in commerce.
- IP is protected in law by, for example, patents, copyright, and trademarks, which enable people to earn recognition or financial benefit from what they invent or create. By striking the right balance between the interests of innovators and the wider public interest, the IP system aims to foster an environment in which creativity and innovation can flourish.
- IP contains the word 'property', denoting its value and its application only to inventions, works and names for which an individual or group of people claims ownership.
- Ownership is important as potential economic gains act as a powerful driving force to innovate.
The IP Chain of Activities
- Creation
- Innovation
- Commercialisation
- Protection
- Enforcement
Types of Intellectual Properties
- Copyright and Related Rights
- Industrial Property
- Patents
- Industrial Designs
- Trade Marks
- Geographical Indications
- Layout Designs/Topographies of Integrated Circuits
- Trade Secrets
- Protection of New Plant Varieties
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