It’s easy to establish ownership over tangible assets. Houses and furniture, groceries and gadgets. But what happens when you own something intangible? Something that belongs to you, but cannot be seen or claimed physically? Intellectual property is a critical asset, one which is often overlooked, but should actually be nurtured. When you ignore the process of protecting your intellectual property, you’re undermining yourself and your business too. Whether you’re a scientist, artist, or entrepreneur, there is an Intellectual Property safeguard in place for you. Read on to understand which category you come under.
Copyright: For Creators
If you’re someone creative, who has produced original work from scratch, then copyrighting is for you. This can pertain to books, articles, art, sculpture, music, sound recordings, films, drama, and so on. Copyrighting is a common practice the world over. In India, the Indian Copyright Act was passed in 1957, with the intent to protect creative individuals from the risks of plagiarism. Since then, it has been amended several times but the basic premise is the same – to ensure that you alone have the right to decide what to do with your creation. Under Section 17 of the Act, you are the sole owner, and anyone who needs to use your property has to get permission along with a defined scope of use. These could include the right to publish, use, reproduce, translate, reprint, and so on.
Copyrighting your creation safeguards both economic and moral rights. Copyright is not just restricted to works of literature or art. It also includes other forms of intellectual property such as computer programmes or codes. You can either sell your copyrighted property, or license it. If someone plagiarises your work, they can get anywhere between 6 months – 2 years in jail or be fined anywhere up to ₹200,000.
Unlike physical property, copyright is only in effect for a certain amount of time, after which it passes into the public domain, available for use by everyone. This is why Jane Austen’s books are so freely republished, edited, and adapted, while JK Rowling still holds the copyrights to the Harry Potter franchise.
Patent: For Inventors
If copyrighting is for artistic pursuits, patents are for scientific innovations. It takes time, effort, and resources to come up with products and inventions that can potentially change the way we think and work. Right from an ergonomic chair to a chemical compound or a new phone, any one of their creators is entitled to apply for a patent. When this Patent is granted, it means that other individuals or companies cannot recreate or use your inventions for a limited period of time. Patents are of three kinds – design (a new and original design), utility (discoveries and machines), and plant (new botanical species). Both companies and individual inventors can apply for patents to safeguard their interests.
Each country has its own Government body to grant patents. In India, the Office of the Controller General of Patents, Designs and Trade Marks or CGPDTM is the body responsible to grant and enforce patents, under provisions made by the Patent Act of 1970. Before you apply for a Patent, go through the database to check if anyone else holds a similar patent. In 2005, the Act was remedied to protect and encourage innovations made in the fields of food, pharmaceuticals, and biotechnology. The term of a Patent here is 20 years. Although a patent excludes anyone else from using the invention, the Government body does issue details about it in the public domain.
Trademarks: For Businesses
According to the Oxford Dictionary, a ‘Trademark’ is a symbol, word, or words legally registered or established by use as representing a company or a product. If you’re a business owner, trademarks are an important way to brand your specific business, differentiating it from others in the same space. Think about L’oreal’s ‘Because I’m worth it!’. Or McDonald’s golden arches that form an M. Or Cadbury’s rich purple colour for its packaging. All of this is a result of trademarks, which safeguard a brand’s USP and unique products and services. Although a trademark isn’t essential to run a company or a brand, it is advisable if you don’t want people peddling substandard goods or services using your logos or taglines.
Unlike a trademark or a copyright, there is no expiration date on a Trademark, provided you keep renewing it. In India, the Trade Marks Act of 1999 allows you to register these aspects, and the Act is compliant with the Paris Convention. If you’re a woman entrepreneur who wants to differentiate your business, it is a good idea to apply for a trademark.