Intellectual property law, also known as IP, is the discipline which governs the ownership and accessibility of resources, ideas and inventions of both tangible and intangible notions.
Different methodologies are adopted to protect the ownership of concepts and ideas. These usually have the form of copyright, patents, trademarks, industrial design rights, trade dress, and geographical indications.
The main purpose of IP is to encourage individuals in creating a number of intellectual ideas. Therefore, the law provides people and companies, generators of the concepts, with the copyright on these innovations for a limited period of time. This right gives them an economic incentive which allows them to get profit from the idea they have created.
Normally, the intangible nature of most of the concepts presents difficulties as an infinite number of individuals can consume the intellectual ideas without it being consumed. As well as this, investments in intellectual concepts suffer from issues of appropriation. Indeed, intellectual goods can be easily sold by their first buyer at a lower price.
Lawyers specialised in this sector usually provide legal advice on how to use, market and distribute ideas, as well as duplicate and take their ownership.
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