LAW AND BUSINESS TIPS: INTELLECTUAL PROPERTY RIGHTS RELEVANT TO ENTREPRENEURS

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LAW AND BUSINESS TIPS

INTELLECTUAL PROPERTY RIGHTS RELEVANT TO ENTREPRENEURS

Managing a business entity is not only about compliance with relevant regulations, but also includes protection of your intellectual property (IP).

IP rights are exclusive proprietary rights under the law which a person has over intangible assets that are products of intellectual works as opposed to personal or real properties. IP rights include copyrights, trademarks, patents and designs.

COPYRIGHTS:  Copyright is a protection given to literary and artistic works.  Works like music, books, etc are protected under copyright. Copyright protection is automatic upon creation of the work.

TRADEMARKS: This right protects the brand of a business. Brand name is what distinguishes the products of a firm from the products of another firm. Thus, every business owner would prefer to have a brand name with reputation, hence the need to register the brand name as a trademark.  Registering a brand name as a trademark provides the legal justification for the brand owner to claim and prohibit any other person or entity from using the registered brand name on any other product, and the use (violation) of which will entitle the registered owner the right to commence legal proceedings in a competent court of law against the violator. 

Some startups prefer to commence business without registering their brand. The risk here is that another person may go ahead to register the said brand as a trademark and thereby acquire the right to prevent the initial user from using the brand. The process of registration of a trademark will enable a business owner to determine whether the brand is available or it has already been registered by another person thereby giving the business owner a chance to choose another brand not yet registered. This will prevent the risk of infringing on another person’s right and its attendant liabilities.

PATENT AND DESIGN: A patent is an exclusive right which a person has over a product or a process which provides a new way of doing something or provides a new and distinct solution to an existing problem. Patent is the protection given to an invention. It prohibits others from making or selling the invention within a certain period of time (patent period).

A design right is an exclusive right which a person has over a design or feature which is capable of industrial application. 

All these right are relevant to entrepreneurs in any industry.


Jimoh Mokanreola Bamigbola

M.J.B. BAMIGBOLA & CO.

mjbbamigbolaandco@gmail.com 

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