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explained
WHAT IS IP
Intellectual property (IP) encompasses legally protected intangible creations of human creativity, such as inventions, artistic works, brand images, and trademarks. Patents, copyrights, and trademarks are examples of IP assets.
Owning intellectual property is valuable as it safeguards against unauthorized use and encourages innovation by enabling creators to benefit from their work. Use of others' IP often involves obtaining licenses or permissions and making royalty payments.
TYPES OF IP
- Copyright: Refers to the rights creators hold over their literary and artistic works, covering a wide range of creations such as books, music, paintings, films, computer programs, and more.
- Patents: Grants exclusive rights to inventors, allowing them to control the use of their inventions. In exchange, technical information about the invention is made public in the published patent document.
- Trademarks: Represent signs, text, sounds, distinctive shapes, or wrappings that distinguish goods or services of one enterprise from others in the marketplace.
- Industrial Designs: Encompass the ornamental or aesthetic aspect of an article, including three-dimensional features like shape or surface, and two-dimensional features like patterns or color.
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