intellectual property

design patents

(for 14 years) Ornamental shape Nonfunctional

utility patents

(for 20 years) Useful Novel Nonobvious

Utility Patents: Process

1) Invention disclosure is prepared. (Detailed description of the invention) 2) Patent application is filed. 3) Patent is issued. (Not necessarily valid) 4) Patent may be challenged in court. (Court decides validity)

Trademarks

Exclusive right granted by a government to a trademark owner to use a specific name or symbol in association with a class of products or services

Copyright

Exclusive right granted by a government to copy and distribute an original work of expression (i.e., literature, graphics, music, art, entertainment, and software)

What is Intellectual Property (IP)?

Refers to the legally protectable ideas, concepts, names, designs, and processes associated with a new product. One of the most valuable assets of firms

Patents

Temporary monopoly granted by government to an inventor to exclude others from using an invention. Requires a formal application

Search for patents and trademarks through

United States Patent and Trademark Office

inventor

anyone who contributed to at least one claim

assignee

company or person who owns the patent

Trade Secrets

information used in a trade or business that offers its owner a competitive advantage and that can be kept secret. Strategic, secret know-how. It is not a right conferred by a government

utility patents are for inventions related to

process machine material article of manufacture Entirely new or a new improvement of these categories

Legal Mechanisms intended to

protect the rights of IP property owners Incentivize innovators. Reward innovation. Encourage dissemination of information for the long-run benefit of society

Design patents can be invalidated if

the design has practical utility

types of IP

trademarks copyright trade secrets patents

types of patents

utility patents design patents plant patents