How to Claim Intellectual Property Right for a Discovery? By Ankita - January 12, 2021 Last Updated at: Feb 03, 2021 10010 On 3rd December, 2020, India and the U.S. signed a Memorandum of Understanding (MoU) for extending cooperation on Intellectual Property Examination and Protection. This is expected to strengthen the IP systems in both the nations. It aims at exchanging best practices for copyrights, patents, trademarks and protection of IPRs. With the worldwide presence of businesses, products, ideas and creative designs are reaching out to more consumers than in the past. Businesses are known socially now through their brilliant ideas, application of technology and constant churning out of innovative products. Some businesses discover techniques or practices that have been in existence but were not utilised yet. A successful business is around the creation of ideas, its execution and protection of the same. Further, the discovery of techniques in existence but weren’t identified also governed under various laws covering intellectual property right. Intellectual property right definition Intellectual property rights are to the persons over the creations of their minds. Additionally, they usually give the creator an exclusive right over the use of his/her creativity for a certain period. An intellectual property right is where a person claims to be a rightful owner of the design, work developed by his efforts. Further, it can be either for discovery or an invention. Intellectual property owner vests right over the creation for some time. You can claim your Intellectual property rights for an image or brand names of a business. The Meaning of Intellectual Property Intellectual property is a product or an idea that develops by an individual or a business as the progress of research and techniques. When the idea is registered, the owner receives exclusivity and forever establishes a legal right. Moreover, on ethical grounds, the user has to obtain permission to use intellectual property. The reasons to protect intellectual property rights are for the well being of the human community as the progress is for the betterment of society. Firstly, the creativity and the benefits surround the well-being of the community. Next, intellectual property can create immense job opportunities and can help create new business opportunities. Protect Your Intellectual Property Types of Intellectual Property The four types of intellectual property rights to protect the intellect from the illegal usage of his creations are: Trade Secrets Trade secrets refer to the information or functionality which is dear to the sustenance of the business. It could be a design or a pattern or a formula developed by the owners of the business. Further, it will maintain as a secret as it gives a competitive edge and is not easily accessible by prospective or present competitors. Additionally, when the owner of the trade secret fails to keep the invention in an unattainable place to guard it, then it loses its value to that is a Trade secret. Copyright Copyright is a kind of intellectual property protection for the works of the author, musician or the literary works of writers, artists thereof. It restricts the usage of any form of the work of the owner without obtaining permission from them. Therefore it considers infringement when someone uses a part of the copyright piece of work without giving due credit to the owner. Copyright encourages people to churn out a lot of creative ideas and bring out more quality work to society. However, registration of copyright for the literary work is mandatory if you wish to claim for the infringement in future. Patent The patent is protection that obtains for a trademark for the design and creation in technology, development of software. A patent is done to protect the investment the invention will draw in the future. The patented technology or software is likely to bring in investment, licencing for the research and development activities associated with it. The patented owner holds the right to take the benefits obtained from the creation of his work. Thus, non-compliance to the patent technology will lead to a lawful suit against the individual as it will consider piracy. Trademark A Trademark is another type of intellectual property protection that portraits as a mark of identity for a business which construes as an asset for the business owner. It can be a design, symbol or any visual representation that can be connected by the consumers. The business aims to protect intellectual property so that the end-users make informed decisions. The registration of the trademark can turn out to be a beneficial move in case of infringement. Infringement of intellectual property rights is an inappropriate use of the trademark by an individual to manipulate the end-users. The meaning of intellectual property rights is the protection of creative design, artistic work for the business to sustain and flourish; at the same time for the consumers to not fall for fake products. As said popularly, intellectual property is a key aspect of economic development. Registration of intellectual property is crucial, and the legal terms about it are staggering. Vakilsearch can help you in identifying the categories of intellectual property related to your business. We can help you in protecting your business needs as well. The benefits of registration are galore when appropriately utilized. It can motivate the creators to produce more, monetize, create job opportunities leading to economic development.