Tuesday, 12 July 2016

Your property rights when it comes to innovation


Image courtesy of Stuart Miles at FreeDigitalPhotos.net

Hello readers, today we are talking about intellectual rights. You have innovated a product but you are thinking others might copy your ideas. You do not want that to happen yet cause you want to recover cost of research and the likes. Here are the property rights you can obtain.

Patent
You can obtain this type of intellectual property right when you have invented a product (goods and services).  This will prevent individuals from making use of your invention for a period of time. It is usually for a period of 20 years, at least I can tell you that for sure when it comes to USA, UK and Nigeria. You have to register for it.

Trademarks

This are designs that helps seperate goods from other goods. It could be a logo or a word. It helps potential customers identify your brand. You can register your trademark but it is not compulsory.

Copyrights
This is obtained by artists, writers and the likes. It covers music, literatures, drawings and the likes. The moment you create the work you have the copyright so you do not have to apply for the copyright.

Trade Secrets
This protects your company's coded formula. By that I mean the process you adopt to stay competitive in the market. It could be a recipe formula. Trade secrets can only kept if you adopt measures to protect as they cannot be registered. I guess it, it would no longer be a secret.

Keep checking out my blog regularly. Cheers


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