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Understanding Intellectual Property:

Patents, Trademarks, and Copyrights

IP is an important aspect of modern business, as it can help companies protect their
innovations and establish a competitive advantage.

ntellectual property (IP) A patent is a legal document invention must meet certain
is a legal concept that that grants the owner the ex- requirements. First, it must be
refers to the creations of clusive right to prevent others new and not obvious to some-
the mind, such as inven- from making, using, or sell- one with ordinary skill in the
Itions, artistic works, and ing an invention for a certain relevant field. Second, it must
symbols. IP is an important period of time. In the United be useful and have some prac-
aspect of modern business, as States, patents are granted by tical application. Third, it must
it can help companies protect the United States Patent and be adequately described in
their innovations and establish Trademark Office (USPTO) the patent application, so that
a competitive advantage. In and are valid for 20 years from others can understand how to
this article, we’ll explore the the date of filing. Patents can make and use the invention.
three main types of intellectual cover a wide range of inven-
property: patents, trademarks, tions, including machines, pro- Patents can be a valuable asset
and copyrights. cesses, chemical compositions, for companies, as they can help
and designs. to protect their innovations
Patents To be granted a patent, an from being copied by compet-

20 IN THE MIND OF STARTUPS