What is the true meaning of Intellectual Property in this day of age

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In the modern business world, it is highly important for business owners and general public to be aware of what intellectual property is and how it can be consumed or shared by individuals. Intellectual property refers to the ideas or creation of the mind that have been developed by companies and individuals.

Those ideas, technologies, artistic pieces or goods remain the property of the creator and require special permission from the owner if someone wants to share or consume them for their own gain. Under the umbrella of law intellectual property exists in the form of copyrights and patents.

Copyright to refer written or literary work by an individual. An individual can take and use general facts, but particular researches and ideas must not be exactly replicated otherwise it would be a felony under the law and the person would be liable for theft and copyright infringement. Copyrighted content either published or unpublished remain the property of the original creator under the public law for a specified period of time, which is listed on such publication. After the specified copyright time, the creator can copyright the material for a longer time or provide the publication for the public interest that can be shared and consumed by individuals worldwide.

Patents mostly refer to the invention or ideas for different technologies that are created by organizations or individuals. They take the form of machines, software, and devices. All the parts and components of the copyrighted machine or equipment remain the property of creators and are usually accessible to an individual upon special permission from the creation in exchange of a fee or sum. If any person or organization copies or uses these ideas or designs without express permission from the creator they would be held responsible under the intellectual property law and may be sued with extremely high sum of money to protect the rights of the original creator.

Another type of intellectual property that is becoming exceedingly common in the modern world is the trade secrets. Trade secrets refer to the recipes, ideas or process of creating finished goods of a particular quality and taste. Many fast food franchise such as KFC and McDonalds have patented recipes that are not shared and guarded to protect the trade secrets of fast food chains. Different production plants patent their own productions processes to ensure that they retain their competence in the market. Formulas developed by organizations also come under this umbrella of trade secrets, Famous financial formula to value companies called Eva is a trademark and cannot be used without the express permission of the creator.

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