Introduction
In this innovation-driven world where ideas and brands give birth to market leadership, intellectual property (IP) is not merely a legal tool, but a strategic one. Starting a startup, building a creative agency or developing a revolutionary product whatever it is, having knowledge about protecting your intellectual property is indispensable.
But the most common misunderstanding exists in relation to three basic forms of IP protection: trademarks, copyrights, and patents. Each of them serves a particular purpose, offering different kinds of protection, duration, and enforcement.
What is a Trademark?
Trademark is an Intellectual property right granted to a brand such as name, design, symbol, characters, numbers etc. It is protection gained in the business through goodwill and long lasting hard work. A trademark acknowledges the company's ownership of the brand and uniquely identifies a product as belonging to that company. The protection is given for 10 years and can be renewed indefinitely.
What is Copyright?
Copyright is Intellectual property protection given to the authors of literary work, musical work, dramatic work, painting, music, broadcasting etc. It is a protection given to the owner until the life of the author plus 60 years.
What is a Patent?
Patent is a protection given to the owner of inventions which are novel, possess utility, and have the capacity of Industrial application. It is a protection given to the owner for the period of 20 years. After 20 years, the Patents enter the public domain.
Need of Intellectual Property for Startups
- Trademarks help in building brand recognition and customer loyalty.
- Copyrights protect creative works and ensure creators are compensated.
- Patents provide a competitive edge by protecting inventions and processes.
Choosing the Right Protection
For a technology startup creating a mobile app, copyright would safeguard the code, whereas patents could cover the proprietary technology on which it was built. The logo and brand name, in turn, would need trademark registration.
For a fashion designer, the designs and sketches are copyrighted but the label name and logo are trademarks. For a pharmaceutical company that is developing a new drug, it would utilize patents to cover the formulation and use trademarks for branding the product in the market.
Make Protection a Business Priority
Protecting your intellectual property is not only essential for large companies but also for startups and SMEs. All serious businesses need the protection of Copyright, trademark and patent. They shield the brand and protect creativity.