Tripti Priya & Trupti Shetty, University of Petroleum and Energy Studies
What is Intellectual Property?
“Intellectual property” refers to any creation or invention that is created by the mind in form of innovative technology, product, process, or solution to any problem.
IP rights are generally classified into two categories:
1. Rights related to copyright:
These rights mainly shield the original creation of the creator by providing him legal rights for being the owner of his creation such as protecting art-related works, literature, technological programs, musical and video compositions, etc. The rights also include the rights of producers of phonograms, broadcasting organizations, and the performance of performers. The main reason for protecting copyright and related rights is to give rewards and recognition for the creative work of the owner and encourage them to deliver more works like this.
2. Industrial property:
There are two main areas of rights under this head.
1. The protection of geographical indications and specific signs related to trademarks to make clear distinctions between goods and services provided by different organizations. These rights enable to main fair competition in the market as well as ensure consumer protection.
2. The other area of industrial property rights is intended to protect to encourage innovation and new technology. These innovations are protected under patents, industrial designs, and trade secrets.