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What is Intellectual Property

By Kaan Back

When you start to break down the products and services that companies offer, it gets broken up into two categories. These products and services can either be tangible or intangible. A tangible product is one that is a physical object that can be perceived by touch. On the other side, an intangible product is one that does not have physical properties. When dealing with intangible products and services it gets hard to determine what is considered your own intellectual property.

What is Intellectual Property

After breaking down what goes into intellectual property, the main thing it consists of is the ownership of ideas. The main question that many people have is, “What is intellectual property protection?” Like mentioned earlier, intellectual property is considered an intangible product so it ultimately consists of a collection of ideas and concepts. However, intellectual property protection is making sure that your information and ideas are safe and protected under your name. Intellectual property is the most important aspect of an advancing society because if it were not for the ability of new ideas we would not see any improvements in the world we live in. That is why it is crucial to make sure that you have the proper protection of intellectual property rights. There are many valuable assets that come with protecting your intellectual property, and it can even make you or your business very wealthy. Protecting your intellectual property can have many benefits for you and your company and some of these benefits consist of:

● Making money by selling / licensing
● Having security for loans
● Forming an important branding strategy
● Offering new products to customers

Different Types of Intellectual Property

After hearing about how intellectual property has many benefits and can be very important for many businesses, you must understand the best ways of intellectual protection. There are many ways to have your intellectual property protected, but there are five main ways of intellectual protection.

● Patents
● Copyrights
● Trademarks
● Trade Secrets
● Right of Publicity

-A patent is considered to be a license that confers a right or title for a given period of time. The key thing to understand about having a patent is that it is only considered your patent for a select period of time. If your patent is only for 4 years, other companies can start making generic versions of your product when that time period is up. When

Source: https://entertainmentlawyermiami.com/what-is-intellectual-property/

  

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