The World Intellectual Property Organization (WIPO) defines intellectual property as “creations of the mind: inventions, literary and artistic works, and symbols, names, images, and designs used in commerce” and divides intellectual property into two main categories: (1) industrial property (inventions, patents, trademarks, industrial designs, and geographical indications of source); and (2) copyrights (literary and artistic works such as novels, poems and plays, films, musical works, artistic works such as drawings, paintings, photographs and sculptures, and architectural designs).

Intellectual property is all around us – at work, at play, and at home. Yet, the role of intellectual property in a broad range of areas, ranging from health care to nearly all aspects of science, technology, literature, the arts, and even the Internet, is still emerging. The various forms of intellectual property offer different protections under patent, trademark, trade dress, trade secret, copyright, and other related laws.

Intellectual property is generally an exclusive bundle of rights owned by the holder of such property. The holder or owner of the intellectual property may grant an exclusive (or non-exclusive) license to use the property, but almost invariably the owner will elect to impose certain restrictions on such use. For example, the license could restrict the territory in which the intellectual property is exercised, quality and quantity controls, duration of the licensing rights, and impose a royalty schedule.

Although copyrights, patents, trademarks, and trade secrets are all intellectual property, each offer different protections and are distinct from one another. A copyright protects original works of authorship, while a patent protects inventions or discoveries. A trademark, on the other hand, protects words, phrases, symbols, or designs identifying the source of the goods or services of one party and distinguishing them from those of others. A trade secret is any formula, process, design, or compilation of information which is not generally ascertainable, by which a company can obtain an economic advantage over competitors or customers.

Companies can identify, assess, and protect their intellectual property through regular IP audits, due diligence investigations, or competitive analysis programs during, for example, the development phase of a product and after the product or service is in the marketplace. Advice of intellectual property counsel is prudent when assessing a company’s intellectual property portfolio and seeking adequate protection.

If you are interested in additional information on the topic of intellectual property, or if you have any questions, please contact a K&K attorney. K&K offers an array of services in the areas of intellectual property including patents, trademarks, copyrights, trade secrets as well as intellectual property litigation and enforcement. Further information on these and other services is available at www.kk-llp.com.