Formal IP is the most recognisable form of intellectual property, and is generally divided into two categories:
Industrial Property – which includes patents, trade marks, designs and geographic indications of source
Copyright – which covers literary and artistic works such as novels, poems, plays, films and drawings, among others.
Industrial property is comprised of IP requiring formal registration, whereas copyright is an “automatic right,” or one which arises once an original work is created and fixed.
Formally protected IP gives the IP owner exclusive rights to utilise and/or commercialise their innovation or brand, creating barriers to entry for potential competitors in the marketplace. It is essentially a legal monopoly, and one which can be enforced and defended in a court of law.
Formal IP includes:
Formal IP is only one piece of the intellectual property pie. To learn more about the Informal IP Assets you may not even realise you have, click here. If you’re already an expert on IP, but want to know how we can help you get the most value out of the IP Assets you own, click here. Photo credit: opensource.com