Every single business starts with an idea. The uniqueness of idea together with its useful application to the real world creates a value that may be of the greatest benefit for the business in terms of giving the competitive advantage to the company as initiator of the idea. The ideas are intangible but the most valuable assets as they compose the intellectual property of the business. Companies do not always recognize correctly the intellectual property they possess and as a consequence they cannot benefit from what they have. That is why it is of crucial importance to identify what the intellectual property is; and to know how to protect the exclusive right of the inventor from all the possible infringements.
Intellectual property law guards the originators in titling them with trademarks, copyrights and patents which may be sold or licensed. Today the amount of intellectual property rights as intangible assets worldwide is bigger than of tangible ones such as building, land, machinery and others. Though assets are not physical it is still easy for a competitor to steel or to copy them. The invention of internet has also badly affected rights of the author increasing the number of intellectual property violations. The law is fighting with the blooming cyber piracy to restore the justice.
This paper will give a legal definition and the historic insight of intellectual property. Here the description of trademarks, patents, copyrights, trade secrets are to be found together with the discussion of their ability to protect the creators’ rights. The essay also raises the issue of internet law against piracy and authors’ rights violation. The recent examples of intellectual property laws in use will be provided as evidence of practical application of the matter.
What is Intellectual Property and where is it originating from?
To start the discussion about the intellectual property is relevant with giving the definition of the term. According