“Intellectual property (IP) refers to creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names and images used in commerce.”
Intellectual property is protected by law which enables a those who invent or create, to earn recognition and financial benefit from it. There are different types of protection depending on what was created, these include patents, copyright and trademarks.
Patents
An exclusive right that is granted for an invention giving the owner the right to decide how or if the invention can be used by others. In exchange, the patent owner releases all technical information on the invention to the public.
Copyright
A legal term that indicates the owners right over the literary and artistic works of the creators. This includes books, music, paintings, films, advertisements, computer programs, maps and technical drawings.
Trademark
Commonly used as TM and can be dated back to ancient times when artist put their 'mark' on their products. In recent times it represents the services or goods of one enterprise, distinguishing it from other enterprises.
Owning Intellectual Property You own intellectual property if you:
Intellectual property can have more than one owner, belong to people or business and also be solder transferred.
“Global patent filings increased in 2021 from the previous year by 3.6% to 3.4 million. Trademark registration jumped 5.5% during that same period to 18.1 million new filings.”
More than one type of protection could be linked to a single product, for example:
Intellectual property if you’re self-employed The gov.uk website states that, **
“if you're self employed, you usually own the intellectual property even if your work was commissioned by someone else, unless your contract gives them the rights.”
However you will not own the intellectual property for something you created as part of your work while employed by someone else.