When individuals have unique ideas, it may be vital to a business or their success. If it is vital to them and their success, they will want to protect this piece of their property. Although it may not be a physical item, their ideas can be protected. This intellectual property can be protected in many ways. An individual can acquire a patent, trademark, copyright and more to grant their idea as their own and protect it from being used by others. These forms of protection can cause them to gain legal possession of the concept. If someone else wanted to use it, they would have to go through the proper channels to gain access to it and get permission to use it, which may cost them money. Intellectual property is important because people can come up with new ideas every day. When these ideas are unique to them and prove to be profitable, they will need to protect their intellectual possession. This can cause them to seek means on how to do so. They have options open to them depending on the concept that is explored.
What is a patent?
A patent is a contract between you, the inventor of a product and the government to grant permission to use the product. The contract will grant the property rights to the patent for a period of 20 years from the filing date of the patent application.
What is a licensing agreement?
A license is a way for you to have ownership of an idea while you are able to profit off of it since others may want to use your concept. With this license, it gives you the right to allow others the ability to utilize, market, manufacture, distribute or sell your work if they compensate you.
What is a copyright?
To gain copyright protection over a specific idea, people can mark their property as a copyright. Copyright protection for your idea can grant exclusive rights to the creator of the property or the assignee of the property to publish, perform, film, print or record the registered concept.
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