What are the Types of Intellectual Properties?

Companies all over the world have various assets like people, facilities, and money that keep them afloat. However, there are assets that are more abstract and intangible, but are just as crucial to a company's survival, such as corporate plans, designs for new technologies, and even business models. These things can be roughly classified as intellectual properties, which can be further subdivided into four distinct types.

Copyrighted materials like books, paintings and audio CDs are physical versions of abstract ideas such as stories, art, and music that may or may not be released to the public. “Copyright” protects both the physical copy and the idea it contains from tampering and copying. Trademarks, on the other hand, are logos, signs, symbols, or any other thing that is used to distinguish one company from another, especially if there are at least two companies that offer the same product or service.

Patents and trade secrets are closely related in that they're both original ideas and designs, like secret recipes unique to their respective owners, for instance. However, patents have more to do with design concepts, product ideas, and inventions than business models. While patents are usually valid for a period of 20 years, according to the US Patent and Trademark Office, trade secrets are protected for a lifetime and their protection usually hinges on the efforts of the company that owns them rather than an independent body.