Why is a patent valuable? Because it provides exclusionary rights that maximizes profits from your invention. It prevents others from making, using or selling the patented device and, thus, can provide a competitive advantage over rival manufacturers and block competitors from using the patent owner’s patented technology. A trademark, or service mark, includes any symbol, such as a word, design, or slogan, used to identity and distinguish one company’s goods from the goods of others. Trademarks allow consumers to pick out particular goods and/ or services from others competing in the same marketplace, and trademark identification is often the primary factor in motivating a consumer to choose one product over another. Then there’s copyrights: a copyright is a form of intellectual property right granted by the federal government for “original works of authorship.” The owner of a copyright has five basic rights: reproduce the copyrighted work, prepare derivative works, distribute copies, perform the copyrighted work publicly, and display the copyrighted work publicly. This ensures others will not benefit unfairly from the original author’s creativity; others must either make their own investment of time, money and creativity to make their own work, or they can purchase the rights to use an author’s work. Finally, you have trade secrets: that’s any information not known generally in a specific trade, which is used to provide an advantage over competitors. But, what are some examples of trade secrets? Any and every thing from customer lists, chemical processes and formulas, designs and plans, data compilations, as well as manufacturing processes and/or techniques.
differences between patent, trademark, copyright and trade secret protection. As Shaffer teaches, patents, trademarks, copyrights and trade secrets are the four building blocks of a secure Intellectual Property protection plan for a business. Before you start developing a plan, you might want to better understand the four building blocks of intellectual property, which Shaffer has kindly outlined. A U.S. patent is a grant of rights from the federal government regarding an invention; rights that include excluding others from making, using, or selling your invention. There are various forms of patents including utility patents for things such as processes and machines, design patents for novel ornamental designs for articles of manufacture, and even plant patents for certain asexually reproduced plants.
Trade secrets can create an advantage over competitors in many of the same ways as patents; although they provide no protection against those who independently develop the trade secret information, trade secrets never expire as do patents and copyrights. For example, the formula to Coca-Cola will remain a trade secret indefinitely as long as it is kept under wraps. Not a professional on IP law yet? Shaffer is currently offering the introduction to IP law in the spring 2017 semester at UWF and hopes to continue offering it throughout the remainder of the year. For more details on the course, feel free to reach out to Shaffer at jshaffer2@uwf.edu.
Four Building Blocks of IP Protection Plans 1. Patent:
a grant of rights from the federal government regarding an invention. A patent lasts a maximum of 20 years from the date of filing the application.
2. Trademark:
a symbol, including a word, a design, or a slogan, that is used to identify and distinguish one company’s goods from the goods of others.
3. Copyright:
one form of intellectual property rights granted by the federal government for “original works of authorship.” This includes literary, musical, dramatic, and pictorial works, as well as motion pictures, and sound recordings. Computer programs are also considered literary works.
4. Trade Secrets:
any information that has value in that it is useful in business and is generally not commonly known in the particular trade. For example: algorithms; designs, drawings, architectural plans and blueprints; data compilations, manufacturing or repair processes and techniques.
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