Intellectual Property: The Creation of a Mind

A patent is given to an individual who has detailed for a public disclosure or has created some sort of invention. The patent is granted by the government for a limited period of time. An invention is a product or a process that provides a new way of doing something, or offers a new technical solution to a problem.

Patent: A government authority or license conferring a right or title for a set period, especially the sole right to exclude others from making, using, or selling an invention.

A patent is a legal document giving inventors the property right to their own invention. A patent didn’t always mean the rights to an invention though. A patent used to mean a special privilege or favor. It also could be used to acquire more land or obtain rights to explore a new land. Presently the patent is used only for the rights to your invention. Virginia Alexandrea from The United States Patent and Trademark Office wrote the article “General Information Concerning Patents” where she described what Patent rights include.

A patent gives the authority to deny people the right to use, make or sell the invention. You can only patent an invention if it is completely new and not an adaption of an invention already present in the market, and if it can be made or used.

In essence patents create a monopoly on a product or invention for a limited period of time (Lau & Johnson, 2013)

A patent is a right granted to a person or legal entity (corporation) giving them the exclusive right to their inventions for a period of 20 years. This protects the new inventions and prevents others from using the invention without necessary permission from the inventor or their employer. The inventor has a right to how the invention is made, and how it is been used. In exchange for this right, the patent owner makes technical information about the invention publicly available in the published patent document. (Anon., 2016)

A patent is a copyright protection issued by the government for an invention, which prevents others from stealing their idea. Profit can also be made off of this idea for a certain period of time with a patent.

Intellectual property (IP) refers to the creation of something original and then is protected via copyrights, patents or trademarks. If the usage of these creations is breached, for example, usage without consent from the original

Intellectual property is an asset to an individual or a business. Even though intellectual property is intangible, it is very important to protect it. Protection of intellectual property can be one of the most important business decisions one can make.

Intellectual property represents ideas created by minds of humans that require certain rights for their use. Intellectual property gives companies a competitive advantage and attracts the attention of other business partners and investors (Lee, 2016). With such importance, it is necessary for the law to protect these ideas from being used by unauthorized individuals. To shield from this, trade secrets, patents, and copyrights are used to protect the ownership of intellectual property (Legal Information Institute).

What is intellectual property? Intellectual property or IP for short is creations of the mind, such as; inventions, literary and artistic works, designs and symbols, names and images used in commerce. Among these IP also includes trade secrets, patents, copyrights, and trademarks. IP and its protection are detrimental to the success of the economy. IPs are the innovations that drive the market forward and they are what created eras like the renaissance and the industrial revolutions. But nowadays it is a lot easier to steal one 's idea and pass it on as your own. There lays a major problem that the United State and many countries around the world face. Over $300 billion have been lost due to the theft of IPs from the U.S. per year.

Patents cover new inventions such as process, machine, manufacture, composition of matter, or any new and useful improvement to an existing invention . Patents represent a contract between an inventor and society. By granting 20 years market exclusivity, patents create the potential for inventors to generate high monetary returns on their successful innovations and discoveries. In exchange, the inventor provides a complete

One reason is for inventors and corporations to have an advantage over another company. The products and ideas need to be protected from duplication from competing businesses and inventors (GIPC, 2009). Intellectual property motivates economic growth and creates competitiveness in people and business (GIPC, 2009). In this day and age people are always looking for the next best thing and if anyone was able to create the identical item as another company then there would be a rush to market on many items that are the same and there would be less need for protection. In reality this can also create jobs and grow a local community that recently fell on hard times (GIPC, 2009). The protection of intellectual property rights help purchasers in making well-rounded and knowledgeable decisions on the products safety, reliability, and effectiveness of their purchases (GIPC,

There are four types of intellectual property rights and the law recognizes your right to own this intellectual property. Jimmy is able to use trademark, patent, and trade secret for his invention. Jimmy is able to trademark “AreYouThere?”, this is his distinguished slogan for his machine to determine if someone is a zombie and should protect his unique name. Although it is not necessary to apply with the government to obtain the rights to a trademark, it is advantageous to register it. The advantages of registering your trademark are having exclusive national rights to use it for your goods, the ability to not allow importation into the U.S. of goods that bear this mark, and also the right to sue in federal court. The second intellectual property right that Jimmy can utilize is a patent. A utility patent provides protection for his invention. Jimmy will have to file a patent application with the U.S. Patent and Trademark office. A patent is good for 20 years as long as the person or company pays the periodic maintenance fees that are required. The third

Intellectual property is critical to many companies in order to foster innovation and boosting their revenues. Many industries rely on the protection of patents, trademarks and copyrights as they are valuable assets for companies’ success. By protecting intellectual properties, it ensures that the original owner reaps full benefits from his/her ideas, features, products and creations.