Deciding if your business needs its intellectual property (IP) protected shows that you are taking the necessary steps to protect your unique market ideas. But before you choose, you need to know the four major types of intellectual property to help set your business up for success.
1. Trademarks
When you’re shoe shopping, you might have a favorite brand. If you’re loyal to Nike, you only take a few glances around a store until you spot the company’s signature “Swoosh” logo. This logo is among the most widely recognized trademarks in the world.
A trademark legally protects your brand and shows who sells what products or services. Trademarks may be slogans, mottos, symbols, color schemes, and even smells. Trademarks are essential for businesses to effectively market and sell their products.
2. Copyrights
Copyrights protect original works of art. These can be songs, films, written content, paintings, plays, and software. It is about protecting how someone’s idea is expressed. When you create something, you get copyright protection right away. But registering it officially with the copyright office provides significantly more protection.
One of the most famous copyright infringement cases happened when Queen and David Bowie threatened legal action against Vanilla Ice. This was because the bass riff from their song “Under Pressure” was sampled in Vanilla Ice’s song “Ice Ice Baby.” Because Vanilla Ice used the bassline (copyrighted material) without crediting Bowie or the members of Queen, he settled out of court and had to give songwriting credits.
3. Patents
Unlike trademarks and copyrights, patents must be registered for protection. Certain requirements must be met for your invention or innovation to receive patent protection. There are two main types: utility and design.
- Utility patents are for how something works or a process it uses (how a machine does its job).
- Design patents are for how something looks (the shape or style of an object).
4. Trade Secrets
Every business has its trade secrets. This may be information that only employees use. Trade secrets can be a list of customers, business relationships, or even manufacturing details. These are not registered with the government. Therefore, a business needs non-disclosure agreements and employee contracts to protect those secrets.
Conclusion
Registering your ideas with federal agencies can be a lengthy and costly expense, but it sets your business up for long-term success and stability. Book a consultation with us to discuss your options for protecting your business today!