Intellectual property (IP) is a term referring to a number of distinct types of creations of the mind for which a set of exclusive rights are recognized. Under intellectual property law, owners are granted certain exclusive rights to a variety of intangible assets, such as musical, literary, and artistic works; discoveries and inventions; and words, phrases, symbols, and designs. Common types of intellectual property include copyrights, trademarks, patents, industrial design rights and trade secrets in some jurisdictions.
| PATENTS provide rights for up to 20 years for inventions in three broad categories: | |
| Utility patents protect useful processes, machines, articles of manufacture, and compositions of matter. Some examples: fiber optics, computer hardware, medications. | |
| Design patents guard the unauthorized use of new, original, and ornamental designs for articles of manufacture. The look of an athletic shoe, a bicycle helmet, the Star Wars characters are all protected by design patents. | |
| Plant patents are the way we protect invented or discovered asexually reproduced plant varieties. Hybrid tea roses, Silver Queen corn, Better Boy tomatoes are all types of plant patents. | |
| TRADEMARKS protect words, names, symbols, sounds, or colors that distinguish goods and services. Trademarks, unlike patents, can be renewed forever as long as they are being used in business. The roar of the MGM lion, the pink of the Owens-Corning insulation, and the shape of a Coca-Cola bottle are familiar trademarks. | |
| COPYRIGHTS protect works of authorship, such as writings, music, and works of art that have been tangibly expressed. The Library of Congress registers copyrights which last the life of the author plus 50 years. Gone With The Wind (the book and the film), Beatles recordings, and video games are all works that are copyrighted. | |
| TRADE SECRETS are information that companies keep secret to give them an advantage over their competitors. The formula for Coca-Cola is the most famous trade secret. |