Intellectual Property Means The Property Represented By The Product Emanating From Creation Of The Human Mind. The Above Creation Of Human Mind May Be An Invention, Original Design, Practical Application Of A New Idea Or An Artistic Works. In Olden Days, Only Physical Or Tangible Assets Like Moveable And Immoveable Properties Are To Be Determined For High Value And The Owner Had An Exclusive Right Over It.
With The Passage Of Time, New Ideas Cropped In, New Concepts And Means For The Progress Of Mankind Were Thought Of And New Inventions Came To The Forefront, Which Brought About Industrial, Economical And Cultural Development In The Society. These New Activities Acquired The Form Of Intangible Assets Owing To The Inherent And Practical Values Associated With Them. Therefore, Another Form Of Property Right Was Generated Which Required Safeguarding For The Owners Of Those Properties. The Property Right, Pertaining To Such Tangible Assets, Is Called Intellectual Property Right, Popularly Known As I P R And Share Many Of The Characteristics Associated With Conventional Concept Of The Personal Property. At Present, IPRs Are Regarded As A Source Of National Wealth And Mark Of An Economic Leadership In The Concept Of Global Market Scenario.
The Intellectual Property Is An Asset And ,As Such, It Can Be Bought, Sold, Mortgaged, Licensed, Exchanged Or Gratuitously Given Away Like Any Other Form Of Property. Further, By Acquiring A Legal Right Over The Property, The Creator Of The Intellectual Property Seeks To Ensure That He Has Exclusive Right Over It And That Property Can Be Put To Use By Others Only With His Consent.
Patents, Designs And Trade Marks Are The Mainly Three Different Species Of “Intellectual Property”. These Forms Of ” Intellectual Property” Along With Copy Right In Literary And Artistic Work Are Now Referred To As “Intellectual Property”. Protection Of Industrial Property Is A Must As It Is A Means To Encourage Industrialization, Investment And Honest Trade.
The commercial value of any Industrial Product depends upon a large number of factors. Such as its (1) utility; (2) cost of production; (3) get up or attractiveness of appearance; and (4) the reputation established for it in the Trade. Industrialist, therefore make constant efforts to utilize these factors to gain competitive advantage over their rivals. Advantages in respect of utility and cost of production may be gained by the adoption of ‘New Inventions’ leading to a new manner of manufacture; advantages in respect of attractiveness of appearance may be secured by the adoption of new or original ‘Design’ for the shape configuration or ornamentation of the vendible product; advantage as regards reputation in the course of Trade may be gained by adopting and popularizing a suitable ‘Trade Marks’ while marketing the product.