What is Intellectual Property?
Intellectual property is defined as a category of intangible rights protecting commercially valuable products of human intellect. Or, the legal rights derived from things that humans produce from their minds. I break down this legal term into three different categories. Intellectual property is an umbrella term that includes copyrights, trademarks, and patents, with each one protecting different rights.
I suppose the next logical question for small business owners is why should I care about intellectual property and the rights derived from it… blah…blah…blah. Well here is the answer: they are worth money!
There, I said it— a protected trademark could be the most valuable asset of your business because it is tied to your brand and what you and your company stand for, what you make, the quality of your goods or services, etc… So let’s get down to business and dissect this a little more. Here is what you need to know!
Copyright
A copyright protects your right to copy, distribute, and perform work, specifically a property right in an original work of authorship. The rights of a copyright holder also include the right to prevent others from copying or using the work without the copyright holder’s permission.
What can be protected: original work includes literary, musical, dramatic, and artistic work, such as novels, photographs, paintings, music, movies, and computer programs to name a few.
The symbol for registered copyright is ©
EXAMPLE: Under the Mohegan sun: a celebration of cuisine and culture, is a set of recipes registered to the Mohegan Tribal Gaming Authority.
Trademark
A trademark protects a mark from being registered by others without permission and helps you prevent others from using a mark that is similar to yours with related goods or services. The purpose of the trademark system is to protect consumers from confusion in the marketplace.
