Intellectual Property is a basket of different rights. There is no precise definition of “intellectual property” but it can be divided into the areas of trademarks, patents, copyright, database rights, designs and confidential information.
Intellectual Property are important (whether collectively or individually) to businesses as they are intangible assets that can be financially exploited because like physical property, they can be sold or licensed. Every business possesses such assets whether they are aware of it or not.
When a business is establishing its presence in the marketplace, protecting and managing its intellectual property is critical as it can mean the difference between success and failure. That is why it is important for businesses to understand the different forms of intellectual property because some involve a formal application and examination process before a right can be registered while others come into play without the need for a registration process. Below is the various Intellectual Property rights which is beneficial for the businesses.
Copyright
Copyright is the right to prevent copying (and certain other acts) in relation to works that qualify for protection. Copyright can subsist in literary, musical, artistic and dramatic works as well as original databases, sound recordings, films, broadcasts, cable programmes and typographical arrangements of published editions.
The duration of protection will vary depending on the work. For example, copyright in literary, musical, artistic and dramatic works, a film or an original database.Copyright for literary dramatic and aesthetic works is valid for the life of the author +60 years after death
Database right
The owner of the database right has the right to undertake or authorize others to extract or re-utilize all or a substantial part of the contents of a protected database. A database is protected where there has been a substantial investment in obtaining, verifying or presenting the contents of the database. This right is separate to copyright.
Industrial Designs
A design can be registered if it is new and has individual character. A design is “new” when nothing like it has been previously made available to the public and has “individual character” if the overall impression it produces on an informed user differs from that produced by a design which has previously been made available to the public.
A design can be registered for a period of 15 years. Initially for 10 years and then can be extended for a periods of 5 years.
Patent
A patent gives the inventor the exclusive right, for a limited period, to prevent others from using his invention without permission. An invention is patentable if it is (i) novel; (ii) capable of industrial application; and (iii) involves an inventive step.
A full term patent is registered for 20 years. In Ireland, it is also possible to register a short term patent for 10 years. It is not possible though to hold both a full and short term patent for the same invention. Therefore, when both patents are granted, the short term patent will be deemed void.
Trade Mark
A trade mark identifies goods or services as those produced or provided by a specific person or enterprise.
The period of protection is indefinite and can be renewed in every 10years.
Having a reasonable knowledge of intellectual property will help businesses to incorporate these assets into their planning and strategy.
Confidential information
Obligations of confidence can arise under contract or under the general law. Duties under the general law may arise from a particular relationship (employer-employee) or where information has been received by a person who was aware, or should have been aware, that the information was confidential. Confidential information can be the most valuable asset of a business. The information can relate to any subject matter and be stored in any form. Examples include a new product design, a marketing strategy and software code.
Geographical Indication
Protecting a geographical indication enables those who have the right to use the indication to take measures against others who use it without permission and benefit from its reputation (“free-riders”). A geographical indication’s reputation is a valuable, collective, and intangible asset. If not protected, it could be used without restriction and its value diminished and eventually lost.
Protecting a geographical indication is also a way to prevent registration of the indication as a trademark by a third party and to limit the risk of the indication becoming a generic term.
In general, GIs, backed up by solid business management, can bring with them:
· Competitive advantage
· More added value to a product
· Increased export opportunities
· A strengthened brand
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