Definition of Intellectual Property

Intellectual property rights are the rights given to persons over the creations of their minds.
They usually give the creator an exclusive right over the use of his/her creation for a certain
period of time. IP is protected in law by, for example, patents, copyright and trademarks,
which enable people to earn recognition or financial benefit from what they invent or create.
By striking the right balance between the interests of innovators and the wider public interest,
the IP system aims to foster an environment in which creativity and innovation can flourish.
There have three main concepts in intellectual property right
1. Patents
A patent is a right granted to the owner of an invention that prevents others from
making, using, importing or selling the invention without his permission. A patentable
invention can be a product or a process that gives a new technical solution to a
problem. It can also be a new method of doing things, the composition of a new
product, or a technical improvement on how certain objects work. Once it is granted,
its term of a patent is 20 years from the Date of Filing, subject to the payment of
annual renewal fees.
Types of patent

Utility Patents - These patents protect inventions that have a specific function,

including things like chemicals, machines, and technology.

Design Patents - These patents protect the unique way a manufactured object

appears.
Plant Patents - These patents protect plant varieties that are asexually reproduced,
including hybrids.

Advantages of getting a patent

A patent gives you the right to stop others from copying, manufacturing, selling
or importing your invention without your permission.

You get protection for a pre-determined period, allowing you to keep competitors
at bay.

You can then utilise your invention yourself.

Alternatively, you can license your patent for others to use it, or sell it, as with
any asset.

Disadvantages of Patents

A patent is an exclusive right provided to a patent holder in exchange for the public
disclosure of their invention. A full description with claims is published and can
generally be viewed by anyone with the internet including your competitors.

Cost of patent filing may be surpass the actual financial gains. If a patent is to be filed
further in different countries, then again the cost increases. After the patent grant,
annual fees should be paid to the respective patent offices, otherwise the patent period
may lapse

After the exclusive patent period (20 years) has passed, other individuals or
companies can freely use the invention without any permission from, or paying
royalties to the inventor.

Applying for patent can be a very lengthy, time consuming process.

2. Copyright
Copyrights protect the expressive arts. They give owners exclusive rights to reproduce
their work, publicly display or perform their work, and create derivative works.
Additionally, owners are given economic rights to financially benefit from their work
and prohibit others from doing so without their permission. It is important to realize
that copyrights do not protect ideas, only how they're expressed.
Advantages of Copyright
No official registration required. Comes into effect immediately.
No cost to marking something as copyright
Disadvantages of Copyright
Does not protect ideas, only the way in which the idea is expressed
To be effective it must be enforced. You have responsibility for legally
asserting copyright if you feel it is infringed. Involves legal costs and proving
infringement

3. Trademarks
Trademarks protect the names and identifying marks of products and companies. The
purpose of trademarks is to make it easy for consumers to distinguish competitors
from each other. Trademarks are automatically assumed once a business begins using
a certain mark to identify its company, and may use the symbol TM without filing
their symbol or name with the government.
Advantages of Trademarks
Legally prevents others taking advantage of customer good will generated by
your business by trading under your name
Disadvantages of trademarks
Having a registered trade mark does not entitle you to the related internet

domain names
The degree to which similar (not identical) trademarks infringe upon your

business is a matter for debate in civil action with related costs

4. Registered Design
Monopoly right for the appearance of the whole or a part of a product resulting from
the features lines, colours, shape, texture or materials used. Cannot be the same as any
design already available and must have individual character
Advantages
Can be combined with legal protection from copy right and design rights
Protect genuine design innovation for up to 25 years
Disadvantages

Cannot be applied to designs that concern how a product works or which are not

visible in normal use ascetics only

Easily subverted by slight amendments to the basic design

5. Design Right

Applies to original, non-commonplace designs of the shape or configuration of

products. Only applies to products; 2D designs are protected by copyright. Unlike
registered designs it is not a monopoly right but prevents copying for 10 years
Advantages

Comes into effect automatically, like copyright.

Provides for an exclusive right for five years after first marketing a design.

Disadvantages

Up to you to take civil action against an infringer.

Design features enabling one product to be fitted or matched to yours are not

protected (you cannot restrict spares in the market)

Unlike copyright, design rights are limited to the UK unless you specifically
apply for them elsewhere

A SWOT analysis of the current IPR system over the Internet

Strength
The main strength of the present regulatory system is its ability to incentive the birth
and development of new industries based on intellectual production, ensuring a
reliable environment for investment in such enterprises, and creating wealth and job
places in those countries where intellectual industries represent a significant part of
the GDP.

Weakness
Its weaknesses reside in the increasing limits it poses to access and sharing of
knowledge, the principle over which human development has been founded; some
specific problems and concerns caused by the present regulations have been discussed
in the previous sections

Opportunities
The internet could represent an unprecedented opportunity for a rapid development of
mankind such as be easily and quick propagation and discussion of information

allows individuals to aggregate and to share opinions, and thus to fully enjoy their
democratic rights as citizens and is also a natural antidote against commercial and
informational monopolies.

Threat
Two distinct threats are now in front of society, if such correct balance will not be
found. The first threats will be found if the regulation will be too unbalanced in favour
of users, so that no money can be obtained, either directly or indirectly, from the use
of intellectual creations, the traditional incentives to creation will disappear, and entire
industries might do the same such as the possibility to obtain proper commercial
reward from the production of music. The second threats is if regulation will be too
unbalanced in favour of owners might become the private property of a few
individuals or corporations and cease to be used in an equitable way and for the
general public interest. As access to knowledge and information becomes the main
pre-requisite for individuals to be able to get decent jobs, be entertained, and exercise
with awareness their democratic rights, granting to a few private parties excessive
control over the modalities and costs of such access would effectively allow them to
control society. In this scenario, basic rights as personal freedom, free speech and
privacy are significantly threatened.