All you need to know about Intellectual Property, trademark and copyright.
Intellectual Property (IP) is a massive asset for any business. Entrepreneurs know that the Intellectual Property that a company possess is equally, if not more, important as the revenue, projects, tenders of a company.
Companies have won big by trademarking and copyrighting their Intellectual property. Intellectual property protection basically secures the unethical or illegal use of the IP. In case of non-approved usage of a protected IP, the owner of the IP has full rights to file a case and win it and take a compensation cheque home.
So, let’s get into the details of it.
The first question that needs answering and understanding is ‘What is an Intellectual Property?
What is Intellectual Property
Intellectual property is basically anything which is a creation of the mind like Designs, Logos, Slogans, Books, Software, Unique Ideas, etc. Wrote a new book? It’s an Intellectual property. Created a logo for your company? That’s an Intellectual property. Developed a new software? That’s an Intellectual Property.
Types of Intellectual Property
Different Intellectual Property gets protected in different methods. Some can be trademarked, some can be copyrighted, etc.
This brings us to the next obvious question, ‘What is the difference between Trademark and Copyright?’
Protection under Trademark and Copyright
Trademark can protect your company’s name, logo and slogan. It’s the little ‘TM’ or the ‘R’ that you see under brand logos that signifies that the particular logo, name and slogan is protected.
Copyright can protect original works created by individuals/companies like literary, drams, musical, movies, songs, software, books, publishing’s, etc.
Region of Protection
A Trademark has to be registered in each country that the brand needs protection. A Trademark filed in UAE will provide protection in the UAE only.
A Copyright filed in a country, can be protected in several other countries depending on the laws in the country. A copyright filed in the UAE provides protection in around 176 countries as part of the Berne Convention.
Period of Protection
A Trademark is registered for a period of 10 years and has to be renewed every 10 years. A Copyright is usually valid for a period of 50 years. There are some variances depending on the category of work which is being copyrighted.
Time Frame for Registration
A Trademark takes anywhere between 10 – 12 months for a final registration. During the Trademark process, the company can use the ‘TM’ symbol to do away with competition and can use the ‘R’ upon final registration. A Copyright can be registered anywhere between 3 weeks to 2 months’ time. Intellectual Property protection is a very important process, which many entrepreneurs take for granted.
The use of IP protection guarantees that any non-approved, non-ethical use is put to a stop. As can be seen by various cases like Apple vs Samsung and more recently Lego vs LEPIN, IP protection reaps its rewards.
Flying Colour has helped several businesses and individuals to register their Trademarks and Copyrights successfully.
To know more about the steps, rules and procedures of Trademark or Copyright, contact the author of this article at firstname.lastname@example.org or 00971 52 4825905.