What are the different types of intellectual property rights (patents, copyrights and registered designs)? Intellectual property (IP) is a legal concept that refers to the creations of the human mind for which are exclusive rights recognized. A variety of material goods are granted rights to the owners, artists, or innovators for a specific duration. Intellectual property is an intangible asset for a company as it provides business partners and financial institutions with the confidence to invest or collaborate in any way with the company. Entrepreneurs will also be able to maximize the value of their intellectual property through modalities such as franchising, transactions or licensing. What is a patent? To prevent others from using, making, importing, or selling the invention without your permission, a patent is the right granted to the owner of the invention. An invention would be patentable if it is a product or process that provides a new technical solution to a problem. It can also be the composition of a new product, a new method of doing things or even a technical improvement on the functioning of certain objects. The term of a patent is 20 years from the filing date and is subject to the payment of annual renewal fees once granted. Key criteria for the invention to be patentable New Owners of all inventions must be cautious and careful to keep the invention secret until the application has been successful. The novelty of the invention may be compromised if the idea has already been commercially exploited or advertised. If the invention is to be disclosed to third parties, a non-disclosure agreement must be concluded. The invention will receive "Patent Pending" status once a filing date is obtained; the applicant can disclose the invention to those who are interested....... middle of paper ...... in, another article so that one of the two can perform its function. Benefits of Registering a Design In addition to obtaining a right to ownership and the right to prevent others from using your design without permission, you can also use it to license it to third parties for commercial returns, sell the design for a sum of money or to better protect your market share by preventing copying by others. Intellectual property (IP) contributes greatly to economies. Dozens of industries rely on the broad enforcement of their patents and copyrights, while consumers use it to ensure they are purchasing safe, secure products. Intellectual property rights deserve to be protected both locally and abroad. Intellectual property protection is an impartial issue where these rights are embraced by all sectors of industry, consumer groups, workers' organizations and other trade associations that we bring together.