Understand the basics of intellectual property

​Intellectual property (IP) and IP rights can be difficult to understand since they are intangible business assets. Here is a brief guide of IP basics, along with resources to learn more in-depth about IP.
 
What is Intellectual Property, and why is it important?

• Intellectual assets are any original ideas, inventions, or designs by a creator. These assets are intangible and are considered the creator's intellectual property (IP). IP can be protected through various Acts under Canadian law. For more information, see CIPO. 
• Protecting your IP is essential for businesses, as it helps you leverage these valuable intangible assets and enable you to prevent unauthorized use.
  • For example: registering a trademark for your logo will prevent other companies from using your logo—more on this in the next section.
• It is also critical to conduct due diligence before embarking on a new business venture to ensure that you are not infringing upon a third party's IP.  This could be quite a costly mistake for business owners. 
  • For example: if you start a business and then realize your invention has already been patented, you could be sued by that company that has owns the legal rights to that idea.

 
Understanding the types of IP
The Canadian Intellectual Property Office (CIPO) is a special operating agency under the Department of Innovation, Science, and Economic Development that delivers IP services in Canada. They also provide many educational resources to help understand IP.
 

• Trademarks
  • A trademark is a combination of letters, words, or designs that distinguishes one company's goods or services from others in the marketplace.
  • Many things such as scents, sounds, textures, positioning, color, and so forth can also function as trademarks.  These are typically referred to as "non-traditional marks."
  • When you register a trademark, you gain the exclusive right to use it throughout Canada for ten years. Trademark registrations can be renewed in perpetuity (i.e., unlike other forms of IP, trademark rights never expire provided you continue to use your trademarks in commerce).
  • Full trademarks guide from CIPO

 

• Patents
  • Patents protect your original inventions. With a patent, the Canadian government gives you exclusive rights to make and sell your invention and the right to stop others from using it in Canada. The patent applies from the day the application was filled, for a maximum period of 20 years. 
  • Patents are granted on a "first-to-file basis." Whoever files the patent first gets the rights.
  • Click here to see more on patents from CIPO

 

• Copyright
  • Copyright gives you the exclusive right to copy, produce, reproduce, publish or perform an original literary, artistic, dramatic, or musical work.
  • Copyright exists for the creator's lifetimes and up to 50 years after their death.
  • Click here to learn more about Copyright from CIPO

 

• Industrial Designs
  • An industrial design gives you exclusive rights over a product's appearance or aesthetic features.
  • An example of an industrial design would be the distinct shape of a chair or water jug.
  • CIPO's industrial design guide

 
IP law applies to many areas of business and can be used to drive competitive advantage and distinguish your brand from others. Protecting your intellectual property ensures that you, the owner, can collect the benefits of your creativity and hard work.
 
For more information on the value of IP, visit CIPO, as they have many valuable educational resources to help you understand IP. Of course, we are here to help if you need assistance protecting your IP in Canada or anywhere in the world.
 
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Photo by Kimberly Farmer via Unsplash