AOF Entrepreneurship Unit 3 Lesson 8 Intellectual Property

Intellectual property (IP) is creative work that can be used commercially and protected under

Copyright protects works of writing, art, music, images or videos, and other works of

Once copyright expires, the work is in the public domain Most works created prior

Trademarks are words, designs, or slogans that identify a company or a product •

Patents protect new inventions or processes by preventing anyone else from using them Here

There are three different types of patents • Utility patents protect new processes, techniques,

Trade secrets are ideas protected by confidentiality agreements between companies and employees Employers can

Entrepreneurs can use others’ creative works by licensing them and paying for the use

Intellectual property lawyers can help entrepreneurs protect their rights and steer clear of infringement

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Intellectual property (IP) is creative work that can be used commercially and protected under law

Copyright protects works of writing, art, music, images or videos, and other works of authorship What items do you own that are protected by copyright?

Trademarks are words, designs, or slogans that identify a company or a product • Trademarks are identifying names for products, services, or companies. • Trademarks are registered with the government. • They last for 10 years and renew every 10 years while in use. Unregistered trademark Registered trademark symbol Service mark, representing a service company name What trademarks can you think of that businesses use in common commercials or advertising or in their logos in print?

Patents protect new inventions or processes by preventing anyone else from using them Here is the first wall phone, invented by Alexander Graham Bell in 1877. This is a photo of the patent issued to Bell in 1876 for the invention of the telephone.

There are three different types of patents • Utility patents protect new processes, techniques, or machinery. • Design patents protect original designs. • Plant patents protect new varieties of plants. This is a patented rose, the Marilyn Monroe™ hybrid tea rose, patent #14, 398. It was patented in 2003.

Trade secrets are ideas protected by confidentiality agreements between companies and employees Employers can ask employees to sign a nondisclosure agreement (NDA). It prevents them from sharing information with anyone outside the company. The NDA protects the company from potential competitors. If you had to sign an NDA for work, would you avoid talking to friends and family about the trade secret? What do you think happens if you violate an NDA?

Entrepreneurs can use others’ creative works by licensing them and paying for the use • A license is an agreement between the rights holder (copyright, patent, or trademark holder) and someone who wishes to use the work. • In some cases, entrepreneurs can purchase the full rights to a work, or commission a work for hire.

Intellectual property lawyers can help entrepreneurs protect their rights and steer clear of infringement • Intellectual property rights can be complicated to understand protect. • Businesses should consult with a lawyer if they want to file for rights. • A lawyer can also help guide a business on how to draft contracts and agreements, and determine what counts as fair use in copyright.