Intellectual property (IP) rights are the legally recognized exclusive rights to creations of the mind. Under intellectual property law, owners are granted certain exclusive rights to a variety of intangible assets, such as musical, literary, and artistic works; discoveries and inventions; and words, phrases, symbols, and designs. Common types of intellectual property rights include copyright, trademarks, patents, industrial design rights, trade dress, and in some jurisdictions trade secrets.
Why You Need Intellectual Property Protection?
Helps to deter imitation by competitors which will undermine your profits from innovation
Competitors can imitate one’s products by:
- Reverse engineering them
- Hiring one’s employees
- Working on similar projects
- Reading one’s publications and patent disclosures