INTELLECTUAL+PROPERTY+RIGHTS

A business invest months of time and many thousands of dollars to develop a new product. If that product could be immediately copied and marketed by competitors, there would be little incentive for the company to make the investment. Suppose you have an idea for a new product. You devote personal time and effort to develop the idea. You commit personal finances to open a business to market the new product. It would be unfair for a larger business to take the idea and use its size and resources to compete against you.

Individuals and businesses have legal protection for intellectual property they create and own. Intellectual property results from creative thinking and may include products, services, precesses, and ideas. Intellectual property is protected from misappropriation. Misappropriation is taking the intellectual property of others without paying any compensation and using it for their monetary gain.

** Forms of Legal Protection **
Legal protection is provided for the owners of intellectual property. The three common types of legal protection are patents, copyrights, and trademarks.


 * Patents** provide exclusive use of inventions. If the U.S. Patent Office grants a patent, it is confirming that the intellectual property is unique. The patent prevents others from making, using, or selling the invention without the owner's permission for a period of 20 years.


 * Copyrights** are similar to patents except they are applied to artistic work, such as a song or a novel. A copyright gives the owner exclusive rights to copy, distribute, display, or perform the work. The length of a copyright is typically the lifetime of the author plus an additional 70 years.


 * Trademarks** are words, names, or symbols that identify ownership of a product and distinguish it from the similar goods of others. A servicemark is similar to a trademark but is used to identify services. A trademark prevents others from using the identical or a similar word, name, or symbol to take advantage of the recognition and popularity of the brand or to create confusion in the marketplace. Upon registration, a trademark is usually granted for a period of ten years. It can be renewed for additional ten-yeear periods indfinitely as long as the mark's use continues.