5 Types Of Intellectual Property Rights To Protect Valuable Business Assets

There are several types of intellectual property rights (IPRs) to protect valuable business assets. Companies regularly acquire IPRs to protect their novel creations and inventions. Of course, different legal issues can arise depending on a business’s existing or pending intellectual property. As a business owner, you should understand the different types of protection to keep valuable assets secure. This way, you can claim ownership of the unique, profitable discoveries that benefit your company. Read on to learn about the different types of intellectual property rights to protect valuable business assets.

Patent Applications

First, patent applications are a widely-known type of intellectual property rights for your business assets. Patents protect any original inventions or creations that belong to your company. They prevent other parties from creating, selling or using your ideas without permission. Generally speaking, there are three types of patents you can file. For example, utility patents secure new products, functional processes or structural machines. Design patents, on the other hand, protect the original appearance and ornamental characteristics of any product. More so, a plant patent protects newly created or modified plants. Of course, there is also another type of patent called a provisional patent. What is a provisional patent? This patent allow you to file without a formal claim. Once a patent is approved, you can legally commercialize your products without competitor interference. You can also monetize your patent by granting license to third party members under a mutual agreement. Surely, patent applications are a form of intellectual property rights for your assets.

Trademark Rights

Next, trademark intellectual property rights are another critical asset to protect your brand. Trademarks protect any word, phrase, symbol or design that identifies your novel products. In fact, there are various ways to get a trademark number as well. They provide ownership over how you use your brand’s original words or symbols publicly. In many cases, companies use trademarks to designate significant elements, memorable colors, and non-obvious fonts which allow customers to recognize your company. Ultimately, a trademark provides you with legal protection over your brand. It offers a guard against fraud, counterfeit, and potential knockoffs. By obtaining this form of IPR, you’ll have complete protection over a whole set of products and services. Some of the most notable examples of trademarks include fast food restaurants, who often apply for protections on their branded, recognizable color schemes and symbols. Of course, a trademark is an important intellectual property right for brand protection.

Copyright Protection

Another type of intellectual property protection are copyrights. Copyrights give creators or authors exclusive legal rights to their own works. They prohibit other people from stealing and reproducing their original creations. With this form of IPRs, creators have the sole right to obtain economic or financial reward from their artistic pieces. Plus, they can claim authorship of their work and have it recognized. When properly filed, a copyright protects the creation for the lifetime of the developer. In fact, it often lasts an additional 50 years after the death of the author or composer. In short, creators and authors can get copyright protection as a form of intellectual property rights.

Trade Secrets

More so, trade secrets are another type of intellectual property rights for business protection. Trade secrets offer economic value on protected processes, combinations, and other valuable information. This IPR is usually used to gain a competitive advantage. Some well-known examples include secret formulas, family recipes and classified processes. As long as it doesn’t contain public knowledge, any proprietary information can be protected under trade secret laws. Of course, they can involve business, financial, or technological assets. Also, many economic, scientific and engineering IP is protected with trade secrets. For example, high tech companies usually have algorithms that aren’t shared with the public. Certainly, trade secrets are another popular form of IPR to use for corporate ideas.

Franchise Licenses

Furthermore, you can obtain a franchise license as a type of intellectual property right. Companies, such as a childcare franchise, usually purchase franchise licenses to open a new business location. In doing so, franchisors allow individuals or third party members to use their name, trademark, trade secrets and processes. Then, you can operate the store under the parent company’s rules and regulations. This means you can essentially leverage all the valuable IP the owners have obtained over the years. You’ll be able to sell the same products and provide the same services as the original business owner would. Plus, you can do this all under the company’s original name. Definitely, franchise licenses are another type of IPR you can obtain for protection.

There are several types of intellectual property rights to protect valuable business assets. First, patent applications give you protection over any new utilities, designs or plants you invent. Next, trademarks can protect words, phrases, or symbols used to identify your brand. In addition, copyrights give authors and creators rights over their own works. More so, trade secrets let companies keep their confidential information private. Furthermore, franchise licenses let business owners expand their brand while keeping ownership over their assets. These are the different types of intellectual property rights to protect valuable business assets.