Intellectual Property Rights- When and Why?

Intellectual Property Rights (IPR) is the need of hour. Almost all the businesses have this Intangible Property in Form of IPR. The topic of the Article signifies when is the right time to take the IPR and Why we should take the IPR? Without wasting more time, let’s get into it.

What is IPRs?

IPR is reserving the property created intellectually.

Type of IPRs?

IPR is divided into two parts:-

1. Industrial Property;

2. Copyright and related rights

We have understood what is IPRs and Types of IPRs. Now get into the benefits of obtaining IPRs i.e., Why IPRs.

• Stops your competitors from copying your innovation and ideas so that you can gain higher market share or higher profit margin;
• Your technology and competitive advantage is protected by patents. Attract money from outside investment to grow your business;
• Patent can improve a Company’s reputation and protect image;
• Protect innovation and creativity that you developed outside of collaboration;
• Give you right to take legal action against unauthorized use of your IP;
• Allows you to monetize your IP and earn revenue.
• Intellectual Property is a critical asset for your business that can help achieve long-term success and maintain competitive edge.

When to protect your Intellectual Property?

Let us understand it with the example of Patent.

In case you are seeking for registration of Patent. It is possible when it is new i.e., novelty should be there.

PATENT – Technology and Innovation

As per the Patent Act in India to seek registration in Patent it is required to fulfill below mentioned 4 criteria. If they fulfill the criteria then it is the right time to seek registration.

Criteria for getting Patent

1. Novelty- New

2. Not Obvious – Unique, one having ordinary skill in the relevant art

3. Utility- Useful

Fully Described- One having ordinary skill in the art should be able to reproduce the invention without undue experimentation is not a substantive but a procedural criteria for patentability

TRADEMARK – Mark or word for brand

As per the Trademark Act in India, when it is adequate to file Trademark Application.

• If your mark is unique;
• If there are competitors in the market and you have suspect that they will misuse your Trademark;
• If you are using the mark from many years and earned a goodwill in the market.
• If it distinguish your protect/services from others;

COPYRIGHT – Artistic work, literary work and sound work

It is advisable to seek for the Copyright registration as soon as you create a Copyrightable work.

GEOGRAPHICAL INDICATIONS – Sign or mark of a region

When there are one or more characteristics which are results from their Geographical Origins.

INDUSTRIAL DESIGNS– aesthetic feature of product (visually protect the design the product)

When the Design is new or Original.

LAYOUT DESIGNS OF SEMI-CONDUCTOR ICS – Microchip or Integrated Circuits

Criteria of registration of Integrated Circuits or Microchip under Semi-Circuits- Layout Designs Act, 2000

• It should be original;
• It has not been commercially exploited anywhere in India or in a Convention Country
• It is inherently distinctive
• It has been inherently capable of being distinguish from any other registered layout design.

PLANT VARIETIES & FARMER’S RIGHTS- protect new variety of plant

There are 4 criteria when you are eligible for the Registration of Plant Variety.

1. Novelty- It should be new;

2. Uniformity- Essential characteristics of plant variety should remain the same

3. Stability- Plant Variety should be stable when it is produced repeatedly

4. Distinctiveness– It should be distinct from existing plant varieties

TRADE SECRET– which is not easily accessible

Any information which is required to be kept secret is covered under this. These days business has many secrets which have commercial value and it is required to be protected them.

Registration procedure of all IPRs are different for all the IPRs domestically and internationally. With different IPRs different rights are attached. Government has introduced many schemes for the benefit of Start-Up as well as for attorney holders.

Hope you have enjoyed reading the Article and maybe the idea regarding different IPRs has also get cleared. I would like to hear your feedback or queries on cspriyankaverma01@gmail.com

****

Disclaimer : –The entire contents of this article are solely for information purpose and have been prepared on the basis of relevant provisions and as per the information existing at the time of the preparation by the Author. Kindly consider this article for informative purpose. There is no Professional Advise is given to anyone. In no event I shall be responsible for any loss or damage in any circumstances whatsoever resulting from or arising out of or in connection with the use of aforesaid information.