The Basics of Intellectual Property Protection

Introduction A Hypothetical Scenario: Suppose that your company's research department has developed a new device which represents a significant innovation. You would like to begin selling it as soon as possible. The new device has not been publicly disclosed. You're not sure about what type of intellectual property protection you should be seeking, or when you should be seeking it. As discussed below, assuming that the costs are worth it, a patent application probably should be filed before any public disclosure is made. In general, if you do not file a patent application prior to a public disclosure, you will lose rights. Major Types of Intellectual Property In this paper, intellectual property protection is broadly discussed. Practical steps which can be taken to minimize the possibility of losing intellectual property rights (and maximizing the possibility of benefiting from your company's intellectual property) are outlined at the end of this paper. The issues discussed in this paper are somewhat complex, because a number of outcomes are possible, depending on the facts. It is strongly recommended that you seek legal advice in your jurisdiction in connection with any particular circumstances relating to intellectual property rights. "Intellectual property" refers to a number of different types of rights. The major types of intellectual property are: (i) patents; (ii) trademarks; and (iii) copyright. Trade secrets are also usually considered to be a type of intellectual property, and they are also discussed in this paper because of their importance. In general, each of these types of intellectual property protects different subject matter, although there can be some overlap. Intellectual property rights are generally territorial in nature. The scope of protection of a type of intellectual property in a country (e.g., patent protection) depends on whether the specific national requirements for protection have been met.