Simply put, Intellectual Property, which is commonly abbreviated to IP, is knowledge which a person or institution can claim ownership of. This knowledge is often of commercial value. Intellectual Property is an intangible asset which can be given a financial value and as such intellectual property can be bought, sold, mortgaged or licensed.

Intellectual Property may be amenable to legal protection which the owner may obtain specific rights.

Types of Intellectual Property Rights

Intellectual Property can be categorised according to the type of legal protection, or Intellectual Property Right, which may be applied to a piece of Intellectual Property:

Know-how and Confidential Information – know-how is knowledge which may not be amenable to more rigorous forms of protection, but which has commercial value. Confidential information may also be referred to as a ‘trade secret’. Know-how can be technical, financial, marketing or knowledge of some other form. Commonly know-how is information which identifies how an industrial process can be implemented or how a key technical step may be executed.

The best known example of confidential information is the recipe for Coca Cola. This example highlights that commercial revenue may be generated from know-how but also that by not disclosing know-how to the public you may maintain the longevity of a business opportunity.

The law protects confidential information providing that the party receiving the confidential information is under an obligation of confidentiality. Further information

Patents – A patent is a contract with the state where in return for disclosing an invention the owner of the patent is given a monopoly right to use that invention for a period of 20 years. After the expiry of a patent anyone can commercialise the invention. A patent is one of the strongest rights for the protection of an invention. Further information

Copyright – Copyright is a right giving its owner an exclusive entitlement to copy and use literary and artistic works. Copyright is the primary right which protects artistic works. Copyright is a right which is automatically generated when a work is created. Within the UK copyright gives protection from the time a work is created until 50 years  have elapsed since the end of the calendar year in which its author or creator dies. Further information

Design Rights – Design rights give protection to the design of objects. A design may be the appearance of product in whole or in part. Designs can be protected by registered design rights or unregistered design rights. A registered design right is a contract with the state where in return for disclosing an invention the owner of the patent is given a monopoly right to use that invention for a period of 25 years. Further information

Trademark – A trademark protects the goodwill and reputation of a marketed product. Trademarks are a way of differentiating a product within a market from a competitor. A trademark is a registerable right which potentially can be perpetual providing renewal fees are paid. As such the life of a trademark is significantly larger than that of a patent or a design right. Consideration should be made to trade-marking a marketed product in view of the long term commercial value of this protection particularly where brand loyalty is a key consideration. Further information