Have you ever had your intellectual property stolen?
Intellectual property, or IP, can be loosely defined as something someone has created that isn’t necessarily tangible. Ideas, inventions, literary works, artistic works, symbols, names, and commercial images are all intellectual property.
When IP is stolen, it can be extremely difficult to know what to do, how to prove it, or even whether the theft actually happened. That’s why we need clear definitions of the different types of intellectual property.
Today, that’s what we’re going to give you; we’re going to discuss the various types of IP and how you can protect yours in the event of a theft. Like any other creation, one’s intellectual property is valuable beyond measure and it needs to be protected. Let us help you figure out what is yours.
The Different Types of Intellectual Property
At the heart of the definition of intellectual property is an idea. An idea that leads to the creation of a product, philosophy, artwork, brand, or anything else that might have some value. Because IP has such a simple, yet vague definition, there are more rigid categories that allow people to protect their IP.
Patents
When you file a patent, you’re granted property rights over an invention of yours. It ensures that no other individual or entity has the right to use, sell, or produce your invention. In business, inventions can be instrumental in giving one company a competitive edge over another one.
To file a patent, you need to fill out an application from the US Patent and Trademark Office, where you’ll have to determine which of the three types of patents you’ll need.
- A utility patent is obtained by having a non-obvious and useful invention. It can be a process, machine, article of manufacture, or composition of matter.
- A design patent will cover any new or original design for an article of manufacture.
- A plant patent covers any new varieties of plants.
With patent protection, you can take legal action on anyone that attempts to copy your design or product in any way. If you release an idea/product without obtaining a patent within a year, you’re at risk of any entity taking your idea and even filing their own patent on it.
Trade Secrets
A trade secret can be defined as a device, process, or formula that a business runs on, which gives it a competitive advantage over other entities. It could be a drink recipe, the results of a survey, or a specific computer algorithm that your company uses.
This kind of IP can be legally protected, but it’s up to you to take measures to protect it yourself. If you register your trade secret and make your employees sign a non-disclosure agreement, then you’re as protected as you’re going to be.
Without the non-disclosure, there’s nothing stopping your trade secret from being leaked to competitors. Restricted access and other security measures are often undertaken to protect trade secrets.
Copyrights
Copyrights protect authors. Whether you’re the author of a literary work, piece of music, film script, computer program, artistic work, graphic design work, or architectural work, you’re always at risk of theft without copyright protection.
With this copyright protection, the owner of the IP has the sole right to the performance, sale, modification, and display of it. In order to qualify for a copyright, the author has to have written proof of their involvement in the creation of the IP.
Trademarks
Filing a trademark is usually done by a business in order to protect a certain phrase, image, or design that differentiates their products or services from their competitors. To qualify for a trademark, the symbol or phrase in question has to distinctly represent the company filing it.
Examples would include the Coke font, Adidas stripes, and Nike phrase “Just Do It”. When you register your trademark with the US Patent and Trademark Office, you’re able to take legal action on anyone that attempts to steal or use them.
It’s important to search the federal and state trademark databases to ensure that you’re not trademarking something that already exists (or is very similar). You’ve got to have a representation of the mark and a clear association with the goods that the trademarked image will be associated with.
What To Do If Your IP Has Been Taken
As long as you’ve legally registered your IP under one of these 4 categories, then no one is entitled to use your IP to make money. Unfortunately, even with these rigid categories that classify IP, theft does still happen.
If you feel that an infringement has taken place, then you’ll have to visit an intellectual property law firm to ensure that the person or entity is made aware. Once a notice has been issued, the owner of the IP is put in a position to take further action, if it’s necessary.
If copyright, trademark, patent, or trade secret violation occurs, your rights can be enforced in a federal court. It’s important to seek the advice of a legal professional to determine what kind of action you should take.
Not only is it expensive to take an infringement to court, but there’s always the chance that the court will conclude that the other party was within their rights. Many companies have had this backfire on them. You have to be sure that the infringement has taken place before you proceed with legal action.
If your case is successful, the court might order the other party to cease and desist or you may be rewarded some money.
Own What’s Yours
You should always try to take ownership of what’s yours. If a creation of yours falls under one of these types of intellectual property, then make it official and have it registered legally. Don’t get taken advantage of because you had a great idea!
Did you find this post helpful? Come back and visit us again for more on running a business in 2019 and beyond.
