Intellectual property is of four types, and each one is indispensable for a firm as it helps in generating profit by giving the firm an edge over its competitors in the market.
There are several devices we use in our everyday lives such as bottle openers and safety pins which have certain benefits and functionalities that just cannot be matched by any other item. But, we do not give much thought to the unique design of these devices. Think of the several other items we use in order to make our tasks notably easier and you will realize that many of these are outputs of industrial designing.
Tangible assets like a shop, jewellery, currency, investments, car etc are not the only types of property that one can own and claim safeguards under the law. There are several other forms of intangible property known as intellectual property that have been provided for under the law and granted protection against misuse. The three primary kinds of intellectual property rights are patents, trademarks and copyrights.
With a trademark your product is given an exclusive presence in the market, which helps customers to recognize it easily. It is a unique method to inform the customer about the source of a product and it is very important for those brands which are already established in the market. Trademarks are protected by a legal framework so that unscrupulous elements cannot misuse your brand.
A patent allows you to protect your work from unscrupulous people, who can derive benefit from your efforts. However, to protect your interests in this regard, you have to get your invention registered by the concerned officials.