Although intellectual property (IP) is an abstract term for an abstract concept, it is familiar to virtually everyone. The information contained in computer files and books, the music you listen to, the movies you see, and the software you use are all forms of IP.
IP is one of the most critical contributing elements to the value of major corporations, including those in the water and wastewater treatment industry. The ability to appropriately realize and leverage IP has become a key priority and differentiator for an increasing number of forward-looking companies. In a business environment of escalating competition and resource constraints, corporations are becoming more aware of the importance of IP and the role it can play in supporting the value and growth of their companies.
Intellectual property is an asset; like other forms of property, it needs to be protected from theft and misuse. There are several types of intellectual property protection, including patents, trademarks, servicemarks, copyrights, and trade secrets. While these forms of protection share similarities, they each serve different purposes. See the descriptions below to find out which one is right for your IP.
Patents
A patent is a contract between an inventor and the government. In return for a full written disclosure of the invention, the inventor(s) is granted the right to exclude others from making, using, or selling the object or subject matter defined in the patent claims for a period of 20 years from the date of filing the patent application. A patent does not give the owner the right to make, use, or sell anything.
To be patentable, an invention must be new, useful, and not obvious to a person of ordinary skill in the technological area to which it relates. The claims of a patent define the scope of protection and may be broad or narrow, depending upon the prior technology (the "prior art") available to the marketplace.
The decision to file, or not to file, an application for a patent should be based upon the patentability of the invention, the commercial potential of the invention, the various different values of the particular type of patent that can be obtained, and the uses to which it may properly be put in the industry to which the particular invention relates. The commercial advantage of excluding competitors must also be considered.
Trademarks and Servicemarks
A trademark may be a word, symbol, design, or combination of a word and design, a slogan, or even a distinctive sound, which identifies and distinguishes the goods or services of one party from those of another. Used to identify a service, it can be called a servicemark. Normally, a trademark for goods appears on the product or on its packaging, while a servicemark is usually used in advertising to identify the owner’s services.
Under U.S. law, federal registration is not necessary for trademark prosecution; however, registration on the Principal Register does afford certain advantages. Once a federal registration is issued, the registrant may give notice of registration by using the ® symbol, or the phrase "Registered in U.S. Patent and Trademark Office." Although registration symbols may not be lawfully used prior to registration, trademark owners may use a TM or SM symbol to indicate a claim of ownership, even if no federal trademark application is submitted.
Copyrights
A copyright is a form of protection provided to the authors of "original works of authorship" including literary, dramatic, musical, artistic, and certain other intellectual works, both published and unpublished. The copyright protects the form of expression rather than the subject matter of the writing. The Copyright Office of the Library of Congress registers U.S. copyrights.
Trade Secrets
Trade secrets are information that companies keep secret to give them an advantage over their competitors. Trade secret protection is useful only if the invention is difficult to reverse-engineer and can be kept secret. Inventions are usually protected as trade secrets only if they either do not qualify for patent protection or if there is reason to believe that the invention will have value beyond the 20-year life of a patent.
Conclusion
The significance of Intellectual property has increased in the U.S. and around the world. Today, ownership rights of intangible intellectual property are more important to the prosperity of many companies than are their tangible assets.
Useful Links
U.S. Patent and Trademark Office
World Intellectual Property Organization (WIPO)
Patent Cooperation Treaty
European Patent Office