2. Intellectual Property Basics2.1 What is intellectual property?
2.1 What is Intellectual Property (IP)?
IP is an innovationInnovation: a new or changed entity, realizing or redistributing value. which is commercially useful or useful to society and protectable. IP is not necessarily technological and at universities may be created within any faculty.
IP may be protected against copying or other unfair use by competitors via a trade secretTrade secret: IP that is kept secret from the public long-term, as a deliberate IP protection mechanism., copyrightCopyright: An automatic legal IP protection applicable to the novel expression of ideas and information; best suited to artistic creations, using that term broadly., or a legal registration (patentPatent: A type of legally registered IP protection applicable only to inventions, which provides exclusive rights to exploit the IP commercially in the jurisdiction of the registration., trade markTrade mark: A type of IP that distinguishes its owner’s goods and services from those of another business, e.g. a letter, number, word, phrase, sound, smell, shape, logo, picture, movement, aspect of packaging, or a combination of these. A trade mark can be protected through legal registration. or designDesign: A type of legally registered IP protection applicable to the novel and distinctive features of a product’s shape, configuration, pattern or ornamentation, which give a product a unique visual appearance. The owner of a registered design has exclusive rights to use, license or sell it. registration).
From
its initial creation, IP may require further development to qualify for legal
registration. To be worth protecting legally, IP must be commercially useful,
i.e. have potential to generate financial profit.
IP is an asset, meaning it has value and can be sold, licensed or traded. IP is an intangible (not physical) asset. For businesses, other intangible assets are market knowledge, staff expertise and customer goodwill. Tangible assets include real estate and equipment. In recent decades, IP has increased greatly as a percentage of global corporate assets.
