Licensing your intellectual property is crucial to your company’s success. Patents, copyrights and trademarks give companies a competitive edge and help define their brands.
But how long do you have the rights to that intellectual property, and what happens if it expires?
Different types of intellectual property
Intellectual property(IP) refers to creations of the mind and falls into these main categories:
1. Patents protect inventions and processes that provide the patent holder the exclusive rights to use, make and sell their invention. Patents typically last for 20 years.
2. Trademarks protect symbols, names and slogans that companies or individuals use to identify their goods or services. The term of a trademark is 10 years.
3. Copyrights protect a creator’s work, such as books, music, movies and software, for the life of the author plus 70 years. If the item was a “work for hire”, the copyright lasts for 95 years from the date of publication, or 120 years from the date of creation, whichever is shorter. With a copyright, the creator has exclusive rights to display, distribute or reproduce their work.
IP must be protected. It provides a competitive edge to its owner by preventing others from using or replicating their products or processes. IP also helps to establish and maintain a brand identity that consumers associate with quality. Without IP, other companies can produce an inferior product with your trademark, thereby reducing the value of your brand.
Unfortunately, after a patent expires, it can’t be renewed for an additional 20 years. And considering how long copyrights last, there isn’t a need for renewal. However, trademark licenses must be tracked and renewed.
Licensing your IP is a complicated process. If your paperwork is incomplete or incorrect, it can delay your receiving your licensing. If someone else has the same idea, they may get the rights first, and you will miss your opportunity. Therefore, you will want assistance with your application to ensure the protection of your IP.