Home » Glossary » Intellectual property

Intellectual property

Definition

What is intellectual property?

Intellectual property is a kind of property by a person or company that refers to the “creations of their minds.” This can range from books, music, and fine arts to movies and even computer programs.

A company’s intellectual property is owned and legally protected from unauthorized use or application. It provides the exclusive right to a creative design, implying that no one else may duplicate or reuse the invention without the owner’s consent.

Industrial design, trademarks, patents, trade secrets, and copyrights are the various types of intellectual property.

What is intellectual property?

Types of intellectual property

Here are the common types of intellectual property:

Patent

A patent gives the owner the right to decide whether the invention can be used by other businesses. To get a patent, the company owner must reveal technical details about the innovation to the public through a patent application.

Industrial design

An industrial design is anything that “constitutes the ornamental aspect” of any product. It concerns the original visual features of a product and not necessarily the functionality.

Two-dimensional features like patterns, lines, or color or three-dimensional features, like the shape or surface of a concept, are considered an industrial design.

Intellectual property right protects the unique design of a concept you want to establish as a business.

Trademark

A trademark is a sign, symbol, phrase, or logo that is recognizable and represents a product that legally separates a business’s goods from other enterprises. 

A trademark is issued to a business exclusively, which means it owns the trademark, and no other firm may use or duplicate it.

Copyright

Copyright granted by the original creators gives the right to use or copy materials on their works. Books, music, paintings, sculpture, and films are examples of artistic works that are protected by copyright.

Trade secret

A trade secret is a company’s intellectual property rights that are not public information. It provides an economic advantage to an entrepreneur. Trade secrets are typically used to create a business model that makes the company unique. 

Types of intellectual property
Types of intellectual property

Effective ways to protect your intellectual property

There are various effective ways to protect your intellectual property. As a business owner, you have to do proper research and double-check to ensure that your idea is unique. 

To ensure this, you can conduct trademark and patent searches to determine if somebody already owns your trademark. 

Second, keep a record of the information related to your business. From the start of your business to the present, you should maintain an accurate recording of events as evidence that you own the concept.

Finally, recognize your intellectual property rights and study the importance of copyrights, trademarks, and patents to protect your business.

Start your
journey today

  • Independent
  • Secure
  • Transparent

About OA

Outsource Accelerator is the trusted source of independent information, advisory and expert implementation of Business Process Outsourcing (BPO).

The #1 outsourcing authority

Outsource Accelerator offers the world’s leading aggregator marketplace for outsourcing. It specifically provides the conduit between world-leading outsourcing suppliers and the businesses – clients – across the globe.

The Outsource Accelerator website has over 5,000 articles, 350+ podcast episodes, and a comprehensive directory with 3,000+ BPO companies… all designed to make it easier for clients to learn about – and engage with – outsourcing.

About Derek Gallimore

Derek Gallimore has been in business for 20 years, outsourcing for over eight years, and has been living in Manila (the heart of global outsourcing) since 2014. Derek is the founder and CEO of Outsource Accelerator, and is regarded as a leading expert on all things outsourcing.