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Intellectual Property Rights, Patent, Trademarks, Copyrights

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Part A: What is intellectual property? Why is it called "intellectual" property? Why is intellectual property such an important issue for entrepreneurial firms?

Part B: Identify and briefly describe the three types of patents.

Part C: What is a trademark? Why are trademarks important?

Part D: What is a copyright? What is protected by a copyright?

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Solution Summary

This solution describes and differentiates intellectual property, patents, trademarks, and copyrights.

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Part A: What is intellectual property? Why is it called "intellectual" property? Why is intellectual property such an important issue for entrepreneurial firms?

WIPO (n.d.) defines intellectual property (IP) as referring to creations of the mind: inventions, literary and artistic works, and symbols, names, images, and designs used in commerce.

One can appreciate the importance of intellectual property by citing the court battle between Apple and Samsung. Apple brought to court the issue of IP infringements by Samsung over technologies used in its cellular phone. Samsung, on the other hand, insisted that it was Apple who infringed on its IP. The court U.S. court decided that it was the South Korean company that committed IP violations. Now losing a right over their cellular phone technology, Samsung is prevented from selling in the U.S. their bestselling product, Galaxy S3. This means billions of dollars in losses for Samsung.

Acquiring an intellectual property right ...

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