The 5 most common misconceptions about intellectual property

Intellectual property (IP) is never an easy topic. Many get confused about the types of IP protections and even about the phrase itself. Here are the top five common misconceptions about IP that people have.

1) IP has got something to do with housing, land or buildings

Each time I introduce my job to people unfamiliar with this industry, they blank out and start asking what IP means. If they’re not mishearing IT for IP, they instead usually think my work revolves around real estate.

TET!! (buzzer sound) for both misconceptions.

So, what actually is intellectual property (IP)?

IP is defined as the result of creations of the mind; such as inventions; literary and artistic works; designs; and symbols, names and images used in commerce. IP covers a variety of protections which include patents, copyrights, industrial designs, trade marks, geographical indications, integrated circuit layouts as well as trade secrets.

2) You patent your trade mark to get a copyright

One must know that IP protections do not overlap one another. They provide rights to owners in different fields.  For instance,

A patent is a right for owners of inventions to prevent others from exploiting their inventions without permission. Patents may relate to products or processes in the field of technology.

A trade mark refers to marks used in the course of trade. These marks may include words, logos, pictures, names, letters, numbers or a combination of these.

A copyright provides protection to authors of literary and artistic works, such as writers, artists and music composers.

Hence, saying that you should patent your trade mark in getting a copyright is incomprehensible.

3) You can protect your idea

Many think that once they have a bright idea, they have a right to get it protected. I am sorry to have to spoil it for you. A mere idea is never enough. It is the tangible execution of the idea that is protectable.

As an idea is not patentable, and a thorough patent specification has to be drafted and submitted so as to show that the invention is indeed workable, and not just an idea.

4) You should register your works for copyright

5) A company should be named based on the nature of business.