Obtaining intellectual property rights is mainly focused on the human creation of intellectual assets. It protects the human designs or ideas, that were grabbed by the perfect practice and devotion to work. If somebody intimate that intellectual asset, entrepreneurs’ hard work will be wasted. Intellectual property is a valuable asset for the entrepreneurs. It is a brand of competent workers. It is the creation of the entrepreneurs or their staffs which has legal property rights.
It is based on the human creative mind. It is neither seen nor touched. Mind-making unique symbols could be such an asset. It is an asset, that entrepreneurs pay attention to protect them not only in the national market but also in the global market. It is one of the parts of the legal environment.
William Bygrave and Andrew Zacharaki’s “Intellectual property refers to creations of the mind, such as inventions; literary and artistic works; and symbols, names, images, and designs used in commerce. Intellectual property includes patents, trade secrets, trademarks, and copyrights.”
Intellectual Property Rights
It is the protection of creators. It provides safety for the entrepreneurs or general public. Here some intellectual property could be expressed as follows.
Patents
The patent is a government grant exclusively for the inventor to use, produce, or sell for a fixed period. It is a special part of the company. They use them and make a sound profit by the value of the patent. It attracts the customers and makes the market coverage. It is concerned with one person or company for a limited time. When the fixed amount of time ends, it will be in the public domain, then anyone can use it.
Usually, the government provides exclusive power to use the patent for around 20 years. For the entrepreneurs patents are motives and it encourages them to create awesome stuff. Once it is permitted by the government nobody can use or sell them without anyone’s permission.
Milton H. Spencer “A patent is an exclusive right conferred by a government on an inventor, for a limited time period.”
Hisrich and Peters “A patent is a contract between the government and an inventor. In the exchange for disclosure of the invention, the government grants the inventor exclusivity regarding the invention for a specified amount of time.”
Pappas and Brigham “Patents are a government grant of exclusive right to produce, use, or sell an invention or idea for a specified period of time.”
Trademarks
Trademarks are the special symbols, phrases, words, designs, or combinations of them to identify their products or companies. It helps to differentiate them from others in the competitive marketplace. It is an officially government-granted brand. This kind of identity is known as a brand. Entrepreneurs use unique names or symbols to market products, which attracts customers and covers the market status by increasing sells ratio.
It is a prominent part of the business, cause it develops entrepreneurs‘ and customers’ relations and trust. It builds a customer-friendly environment, once familiar brands are seen customers expect the quality that the brand provide earlier. Whether it will be products like glass, noodles, television, computers, etc.
For example, Apple is a trademark whose value is undefinable.
Copyrights
Copyrights are similar in some parts of patents as establishment and protection. It is a magic shield for authors, artists, scientists, or researchers for their intellectual property. It protects against the unauthorized copying of entrepreneurs’ or people’s works or creative ideas. In Nepal Copyright Act, of 2002 is enabled for the control of duplication.
This act includes; The Act extends copyright protection to any work, including literary, artistic, scientific, and other works that are original and intellectually presented.
For example, when you create something or write something you automatically own the copyright on it, cause it is original work for you. It is profitable for the hard work of entrepreneurs or people.