What is Intellectual Property?
Intellectual Property consists of Patents, Copyrights, Trademarks, Service Marks, and Trade Secrets.
· A Patent is a negative right issued by a government to an inventor. It is important to note that a patent does not give the patent owner the right to practice the invention -- it only gives the owner the right to prevent others from practicing the patented invention.
· A Copyright protects the embodiment of a work, such as a work of art, software, a performance, etc. and not the inventive ideas behind the work.
· A Trademark or Service Mark is a word, phrase, symbol or design, or a combination of words, phrases, symbols or designs, that identifies and distinguishes the source of the goods or services of one party from those of others.
· A Trade Secret is information that i) derives independent economic value from not being generally or readily ascertainable to other persons who can obtain economic value from its disclosure or use, and ii) is the subject of efforts that are reasonable under the circumstances to maintain its secrecy.
There are various ways to protect intellectual property. The time of the disclosure and the timing of the application are critical to preserving both U.S. and foreign rights.