Mac's Company's upper management group discussion the current state of valuing intellectual property.
Discuss the five forms of intellectual property which include
4. Trade secrets
Forms of Intellectual Property
Intellectual property refers to intangible property possessed by individuals or companies. There are many four main types of IP protection which can be used to protect creations or inventions. Know-how is another intangible asset but it is not protected by law.
A patent is an intellectual property right granted by the government to an inventor to exclude others from making, using, offering for sale, or selling the intervention (Patents, n.d). There are three types of patents: design patent, utility patent, and plant patent. Patents are important as they provide the inventor with:
• Right to exclusivity
• Right to ownership
• Exclusive right to become licencor
• Enforcement of litigation for infringement
Patents encourage disclosure of innovations in the public domain for common good. Hence, patent makes the details of technology publicly available for exploitation by anyone else after the patent expires or for further improvement by other inventors.
For example, Pfizer has patented the drug used for treatment of cancer.
Copyright protects different ...
The expert discusses the five forms of intellectual property. Patents, copyrights, trademarks, trade secrets and know-how are determined.