Intellectual Property Right (IPR)

When someone owns a house or a motorcycle, we say that the person owns that property. In just the same way, if someone comes out with a new idea, that original idea is the person's intellectual property. Intellectual Property refers to inventions, literary and artistic expressions, designs and symbols, and names and logos. The ownership of such concepts lies with the creator, or with the holder of the intellectual property — and this ownership is what enables the creator or copyright owner to earn recognition or financial benefit from their creation or invention. …

Copyright grants legal rights to creators for their original works — writing, photographs, audio recordings, video, sculptures, architectural works, computer software, and other creative works of a literary or artistic nature.

Two properties of copyright stand out:

• It is automatic. Copyrights are granted to creators and authors automatically — unlike a patent, no application has to be filed.
• It reserves a specific set of rights for the holder alone. Copyright law gives the copyright holder rights that only they can legally avail: the right to copy (reproduce) the work, the right to create derivative works based upon it, the right to distribute copies of the work to the public, and the right to publicly display or perform the work. In effect, it prevents everyone else from copying, using or selling the work.

The textbook's example: the writer Rudyard Kipling holds the copyright to his novel The Jungle Book, which tells the story of Mowgli, the jungle boy. If someone used parts of the novel without permission, it would be an infringement of the writer's copyright. To use another person's copyrighted material legally, one needs to obtain a license from them.

A patent is usually granted for inventions. The key contrast with copyright is procedural: while copyright is automatic, the inventor must apply (file) for a patent on the invention.

Once a patent is granted, the owner receives an exclusive right to prevent others from using, selling, or distributing the protected invention. The patent gives the patentee full control to decide whether — and how — the invention may be used by others. Far from locking knowledge away, this arrangement actually encourages inventors to share their scientific or technological findings with the world, because they can do so without losing control over them. …

A trademark covers any visual symbol, word, name, design, slogan, label, etc., that distinguishes a brand or commercial enterprise from other brands or commercial enterprises.

The textbook's example is Nike: no company other than Nike can use the Nike brand to sell shoes or clothes. A trademark also prevents others from using a confusingly similar mark, including similar words or phrases — a confusing brand name like "Nikke", for instance, cannot be used. …