- Intellectual Property Law was created to foster innovation and competition.
- The concept has actually been around for centuries.
- Today, IP Law provides a way to protect coding innovations that may be novel or unique.
It refers to ownership of intangible things, giving people and businesses property rights to the intellectual goods and innovation they create, usually for a limited time.
You can own a specific brand logo, a unique way of solving a software problem or even a composition.
There are four types of intellectual property:
- Copyrights - for anything dubbed as “art” like paintings, music, etc.
- Patents - for inventions, meant to purposely enable a monopoly on their production.
- Trademarks - these are brand-related like logos, catchphrases and others that help identify a company.
- Trade Secrets - concepts that give a business some competitive edge over another.