Intellectual Property (IP) is legal rights that result from intellectual activity in the industrial, scientific, literary, and artistic fields. The four major components of intellectual property include; patent, copyright, industrial design, and trademark. A patent is a government grant giving the right to eliminate others from making, using or selling an invention. A Canadian patent is protection within Canada for 20 years from the date of filing of the patent application. The patent application is open for public inspection 18 months after filing. Patents can be received for products, processes, machines, manufactures, or compositions of matter that are new and useful. The patent owner could use the patent to stop someone who invents the claimed invention giving the patent owner a powerful right. A patent is a way its owner can ensure exclusivity in the marketplace, therefor giving the owner a competitive advantage. Patents are a successful marketing tool for selling new products or services. The requirements to register a patent include conducting a search to ensure the idea is not already registered and then filing an application (the formal request) which needs to include a description of the idea. It can take one to three years for a patent to get approved. Patents are national so they are only protected in the country they are registered in. A copy right is the right to copy which means that an owner is the only person who may copy the work or permit someone else to do so. Usually, copyright in Canada lasts for the life of the owner and 50 years following the owner's death. The types of works covered in a copyright include: books, maps, lyrics, musical scores, sculptures, paintings, photographs, films, tapes, computer programs and databases. The owner of a copyright has a number of rights including sole right to control first publication, production, reproduction and performance of a work or its translation....
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