Intellectual Property
Intellectual property is a broad categorical description of a set of intangible assets that are owned by a company or individual. It's legally protected from outside use or implementation without consent. An intangible asset is a non-physical asset.
Understanding Intellectual Property
Intellectual property (IP) is a category of intangible assets. They can't be held and don't necessarily have a physical presence. These assets are created using human intellect. Such property can take many forms and can include artwork, symbols, logos, brand names, and designs.
Nature and Scope of Intellectual Property Right
Intellectual property law aims to safeguard creators and other producers of intellectual goods and services by granting them certain time-limited rights to control the use of those productions. These rights do not apply to the physical object in which the creation may be embodied but to the intellectual creation. IP is traditionally divided into "industrial property and copyright."
Intellectual property shall include rights relating to:
1. Literary, artistic, and scientific works
2. Performances of performing artists, phonograms, and broadcasts
3. Inventions in all fields of human behaviour
4. Scientific discoveries
5. Industrial designs
6. Trademarks, service marks, and commercial names and designations;
7. Protection against unfair competition and all other rights resulting from intellectual activity in industrial scientific, literary, or artistic fields.”.
Types of Intellectual Property
Intellectual property can consist of many types of intangibles.
Patents
A patent is an exclusive right given to an invention. The invention must be a product or a process. The patent must also provide a new way of doing something or offer a technical solution to a problem.
Copyrights
Copyrights are provided to authors and creators of original material. The material is automatically secured when the content is created; most works eligible for copyright protection do not require registration. The exception is made for cinematograph films.
Trademark
A trademark is a recognisable symbol, phrase, or mark that represents a product. The trademark legally separates the product from other products. The trademark is exclusive to a company. For example, the Nike Swoosh. Nike’s brand line, ‘just do it’, is only protected by a trademark.
Franchises
A franchise is a license purchased by an individual, company, or party. The purchaser is called the franchisee. A franchise allows you to use the franchisor’s name, trademark, knowledge, and processes.
Trade Secrets
Trade secrets are a company’s processes or practices. This information is not available to the public. They provide the company with an economic benefit or advantage.
Designs
In South Africa, you can register two types of designs: aesthetic designs and function designs.
Aesthetic designs are protected for 15 years, and functional designs are protected for 10 years. You must renew the registration annually before the expiry of the third day.
Digital Assets
Digital assets are also increasingly recognised as intellectual property. These would include proprietary software code or algorithms and online digital content.
Who Owns Intellectual Property?
The creator of a work is generally deemed to be its owner, but intellectual property ownership can be determined differently for various types of property and under various circumstances. The employer is the owner of that intellectual property if the work was created for them. Ownership rights can also be transferred to other parties.
Assets come in many shapes and sizes, but some don't have a physical presence. Often called intangible assets, intellectual property holds just as much value for corporations as tangible assets. Logos and brand names that can be patented and trademarked help consumers recognise popular companies and their products. Companies should take the necessary steps to protect these assets so they aren't misused or infringed upon by others.