Lesson 7 Flashcards
(29 cards)
______________ refers to creations of the mind, such as inventions, artistic works, designs, names, and symbols used in commerce.
Intellectual Property
Importance of IP in Innovation:
*Protects the rights of innovators and creators.
*Encourages investment in research and development.
Types of Intellectual Property
- Patents
- Trademarks
- Copyrights
- Industrial Designs
- Trade Secrets
Protect inventions or processes that offer a new way of doing something or solve a specific problem.
Duration: Typically 20 years.
Examples: Pharmaceutical drugs, machinery, software algorithms.
Patents
Protect logos, names, symbols, or designs that distinguish products or services.
Can last indefinitely if renewed periodically.
Examples: Nike swoosh, Coca-Cola logo.
Trademarks
Protect original artistic and literary works, including books, music, films, and software.
Duration: Life of the author plus 50–70 years (varies by jurisdiction).
Examples: A novel, a song, or a video game.
Copyrights
Protect the aesthetic aspect of an object, such as its shape, pattern, or color.
Duration: Typically 10–15 years.
Examples: Unique furniture designs, car designs.
Industrial Designs
Protect confidential business information that provides a competitive advantage.
No expiration as long as confidentiality is maintained.
Examples: Coca-Cola recipe, KFC spice blend.
Trade Secrets
What is IP Management?
The process of identifying, protecting, and leveraging intellectual property to maximize its value for innovation and business growth.
Key Steps in IP Management
- Identification
- Protection
- Enforcement
- Commercialization
Determine what aspects of the innovation can be protected as IP.
Identification
Apply for patents, trademarks, copyrights, or other IP protections.
Protection
Monitor the market to prevent infringement and take legal action if necessary.
Enforcement
License, sell, or use the IP to generate revenue.
Commercialization
Role in the Innovation Process:
- Idea Stage
- Idea Development
- Market Launch
Identify potential IP from the start.
Idea Stage
Secure IP rights before sharing with partners or stakeholders.
Idea Development
Use IP as a competitive advantage to protect the innovation.
Market Launch
5 Strategies for Effective IP Management
- Develop an IP Strategy
- Conduct Regular IP Audits
- Monitor Competitors and the Market
- Use Licensing and Collaboration
- Educate Teams About IP,
Align IP protection with business goals.
Prioritize protecting critical aspects of the innovation.
Develop an IP Strategy
Identify existing IP assets.
Ensure compliance with IP laws and renew protections as needed.
Conduct Regular IP Audits
Stay updated on industry trends to identify potential infringements.
Monitor Competitors and the Market
License IP to other businesses for additional revenue streams.
Use Licensing and Collaboration
Ensure employees understand the importance of IP and their role in protecting it.
Educate Teams About IP
