Intellectual Property management
What are the four basic types of intellectual property?
There are four basic types of IP and they can be categorized into: Copyright, Trademarks, Patent, and Industrial Designs.
- Copyright: This term refers to rights that can be protected in artistic works (e.g. paintings, photographs), literary works (e.g. novels, articles), musical works (e.g. compositions), audiovisuals (e.g. films, cartoons), broadcasts, and architectural designs. The rights accessible in copyright ownership include reproduction rights, distribution rights, adaptations, translations, etc.The copyright concept also protects what is termed “Related Rights” which includes performance rights (such as performance of work on a stage).
- Trademarks: In simple terms, these are IP rights in trademarks or service marks. The Trademarks laws often protect logos, labels, brand names, brand colors, product listings, etc.The essence of protecting trademarks is to keep others including competitors from passing off their goods as that of the trademark owner thereby benefitting or ruining the owner’s goodwill and reputation.
- Patents: Owners of new inventions often desire exclusivity of the process to recoup the money invested in discovering and producing a novel invention. It is a reward oriented protection that operates to the exclusion of every other person but only for a specified period.
- Industrial Designs: This covers the aesthetic designs or ornamental aspects of a product or article e.g. the shape of a bottled drink. The design maybe two or three-dimensional. It is also required for an Industrial Design to be new but non-functional. Textile designs often qualify as Industrial Designs.
These four basic types of IP can sometimes be derived in separate parts of a work or a single product.
What is intellectual property management?
Intellectual Property is a vast area of resource in terms of economic growth and competitiveness. To properly harness and maintain a tight leash on all works or creations of an individual or business entity, it becomes imperative to properly manage and address all forms of IP available for economic exploitation.
Intellectual Property Management is the organization and control of the available rights and dealings on a work capable of or being protected by law in order to achieve maximum benefits and directives of the owner.
IP Management will include the following:
- Prompt registration of rights (if registration is required e.g. patent)
- Determination of appropriate mode of commercial exploration (e.g. licensing or assignment)
- Preparation of contractual agreements (e.g. trademark sharing agreement, licensing agreements)
- Calculation and collection of royalties as at when due
- Advisory roles on IP rights
The officer in charge of IP Management in a company or for an individual is the IP Manager.
The way and model used in IP management have drastically changed since the advent of the digital age. Many businesses, IP owners, and IP managers are leveraging on intelligent software to increase IP management. These kinds of software may be able to either to complete simple tasks such as reminders on due dates or complex tasks such as calculation of complex royalties and drafting of templates as contractual agreements.
Digitalization has greatly improved IP management. It is also capable of storing a vast amount of records and properly organizes or analyzes the data received.
In every organization desiring to optimize its IP benefits and be globally competitive, IP Management is often the answer.
What is Intellectual Property management software?
Intellectual Property Management Software is an IP management solution that is used by IP companies and professionals to manage, protect, and keep track of several IP works and ensure effective management.
IP Management Software provides a platform with the necessary tools in which experts or IP managers can easily track, analyse, and monitor multiple issues connected to the IP work in which they or their clients have a vested interest. The software was introduced to solve the problem of IP complexities, deadlines, details, and other information that may prove crucial in managing IP works.
With a good Intellectual Property Management Software, Copyright works, Trademarks, Patents, Industrial Designs as well as their licenses and royalty collections can be duly monitored to ensure maximum efficiency in IP management.
IP Management Software can provide the following benefits:
- Boost the efficiency and effectiveness of professionals
- Protect the rights of IP owners
- Ensure deadlines are kept
- Prevent unnecessary liabilities as a result of poor management
- Increase the overall efficiency of an IP legal team
- Allow for collaboration of team members from anywhere across the world
- Provide an automated platform to assist in the management
- Provide necessary tools for research and analytics
Many IP focused law firms make use of IP Management Software to keep track of the business of the clients. Media companies and IP rights owners may also employ the platform as an effective means to monitor their various works.
Interestingly, IP Management Software can be used to protect digital rights owners over the media. It can track the number of uses or downloads as well as provide innovative solutions to prevent infringements.
RSG Media provides an innovative digital rights protection platform (IP Management Software) for IP professionals and rights owners to actively monitor and analyze their IP works all around the globe.