When a person comes up with an innovative idea, in the literary, artistic, or scientific field, he or she should protect it. The concept of intellectual property rights is that an individual who has created something new and different should benefit from it financially. It will motivate people to invest their time and efforts into developing new ideas. Without the money reward, fewer individuals would look forward to creating some inventions.
Our society benefits from innovative ideas. They are making things easier for us every single day. If we want to keep developing, we need to stimulate individuals to create something that doesn’t exist yet. If you come up with a unique invention, it is crucial that you protect your intellectual property. That way, you will be the only person financially benefiting from it. No one will be able to steal your idea and to present it as theirs. The term “intellectual property” covers different creations, from music and literary works, art, design, symbols, phrases, sound and vision recordings, photographs, to computer software.
Four types of intellectual property
These include patents, copyrights, trademarks, and trade secrets. A patent represents a set of temporary property rights to an inventor for a limited period. After it expires, an invention will be publicly disclosed. You can patent industrial processes, manufactures, machines, and chemical compositions. Also, you will have significant market leverage, as you can control the use, manufacture, and sale of the items the patent covers. If you want to know more, take a look at patent law Miami.
Copyrights grant the inventor of an innovative idea exclusive rights for its use and distribution, usually for a limited period. It includes dramatic, musical, literary, and artistic works, such as songs, movies, novels, poetry, architecture, and computer software.
A trademark is a word, phrase, design, or symbol, or a combination of these, that distinguishes the goods of one company or party from those of others. Unlike copyrights and patents, it doesn’t expire after a limited period. It can last forever.
A trade secret includes process, design, formula, practice, instrument, or pattern, thanks to which a company can obtain an economic advantage over competitors.
Why should you hire an intellectual property lawyer?
The primary reason is protection. It is easy for thieves to copy your ideas and claim it as theirs, as they are not physical objects. Your attorney will make sure no one is using your intellectual property without your authorization. He can also help you sell or lease out your assets. Sometimes it is cheaper for companies to license the patent from someone else that to try to reproduce own processes. Thanks to this, you will be able to make a nice profit. Also, a professional will make sure your rights remain intact. If you have an idea you want to protect, contact Livingston Loeffler intellectual property lawyers Miami. Thanks to them, you will be the only person financially benefiting from your innovation.