What Is IP?

IP or Intellectual Property refers to creations of the mind for which exclusive rights are recognized. Such creations of the mind include inventions, expressions, business methods, industrial processes, chemical formulas, artistic works, names, designs and symbols used in commerce. Depending upon the form, intellectual property may be protected by patents, trademarks, copyrights, contracts, or as a trade secret. Innovators, artists and business owners are granted certain exclusive rights to a variety of intangible assets for a specified duration. This duration varies for each individual type of protection. For example, within the realm of patents, the two broad types of protection are in the form of design and utility patents. Design patents have a term life of 15 years, whereas a utility patent is valid and enforceable for 20 years.

VARIOUS TYPES OF PROTECTION

Patents protect inventions. Trademarks protect brands and source identifiers. Copyrights protect the expression of an idea fixed in a tangible medium. Trade secrets protect rights that a business does not want publicly known.

For example:

Business owners are granted exclusive rights on the use of their trademarks and geographical indicators which were established by them;

Creative artists are granted copyrights on musical, literary, dramatic and artistic works for their creations; while

Innovators are granted protection for their innovative ideas and designs in the form of utility or design patents, or they can chose to keep them confidential in the form of trade secrets.

HOW CAN WE HELP YOU?

At MBIP law we cater specifically to your unique IP needs. A successful IP strategy deals with more than simply filing for patent and trademark applications. Navigating through the legalities of the Intellectual Property world can be daunting even for the most skillful of inventors. At MBIP law you will be able to take advantage of our thoughtful and skillful perspective in solving your unique IP problems. We sit down with all our clients and try to come to a mutual consensus of how to best move forward, in the most cost effective manner. IP is an intangible asset to any company. It gives business partners and financial institutions the confidence to invest in, or collaborate with the organization. Contact us today regarding all your IP needs.