A business can innovate its products or can introduce new
products in the market. It could invest a lot of resources such as
financial capital or human capital into that innovation. It could
either introduce a new product such as device or it could invent a
completely new process to manufacture it then the company should
have a protection from cheap or fake imitations. This is called as
intellectual property rights and they are protected by various
types such as patent, copyrights or trademark.
The protection varies with the product, process.
Patent - Patent is an exclusive right granted by the government
to produce a product by the company which has carried out the
invention. It is generally set for 15 years.
a) A new fish tank cleaning device
Copyright - Copyright gives the creator an exclusive right to
use that product or sell such as a book or song.
It is generally valid for 75 years.
a) A new play called a Secret Sauce
b) A hit Song
c) A compelling new cartoon character
Trademark - Trademark is the sign or description used for that
product or company which easily attached the consumer to that
company or a product.
a) A particularly catchy name for a product
Trade Secret - A trade secret is the process of manufacturing or
producing a product which is a completely internal knowledge and
not disclosed to outside people.
a) A recipe for baked beans only told to family dog
b) A video game code hidden in underground vault
Match each creation with the type of legal protection that covers it. Patent Copyright Trademark Trade...