Intellectual property is one of the most valuable intangible assets, and it is crucial to establish a clear strategy to safeguard it. Intellectual protection for property consists of trademarks and patents and copyrights. Each provides distinct protections and rights. Understanding the specifics of each type is essential to ensure that your IP is protected to the fullest extent.

The main purpose of intellectual property is to encourage research, innovation and the advancement of technology through providing an incentive for individuals or businesses to invest time and money into the creation of new products and processes. It also allows for the creator to reap financial benefits from his or her creation. This is accomplished through the development of the system that grants exclusivity rights of use for a specified time period like patents, industrial designs, and trade secrets.

Copyrights, trademarks and patents are the most commonly used types of intellectual property. Copyrights protect artistic works such as songs, books and films. Patents protect inventions and last for twenty years, and trademarks protect distinctive signs that are used in commerce.

Other types of IP including ideas or confidential information are not as formalized. These are protected by nondisclosure agreements and the separation of duties within a company. If, for instance, the R&D department of a company develops the formula or pattern that gives it an advantage in competition and is protected by state law as trade secrets.

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