What Is IP (Intellectual Property)? Part 1

A patent is a right granted for any device, substance, method or process, which is new, inventive and useful.

A patent is legally enforceable and gives the owner the exclusive right to commercially exploit the invention for the life of the patent. This is not automatic, you have to apply for a patent. All applications for patents are examined to ensure they meet the necessary legal requirements for granting a patent.

Patents give effective protection if you have invented a new technology that will lead to a product, composition or process with significant long-term commercial gain.

You cannot patent artistic creations, mathematical models, plans, schemes or other purely mental processes

Apple patent filings hint at iPhone evolution

An innovation patent is a protection option specifically designed to protect inventions that do not meet the inventive threshold required for standard patents. Introduced in 2001 to stimulate innovation among small to medium businesses and local industries, the innovation patent is a relatively fast way to obtain protection for your new device, substance, method or process.

Tune in next Friday for Part 2: “What is A Trademark?”