{"id":2894,"date":"2023-02-19T16:11:01","date_gmt":"2023-02-19T16:11:01","guid":{"rendered":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/chapter\/introduction-to-intellectual-property\/"},"modified":"2025-05-20T18:18:46","modified_gmt":"2025-05-20T18:18:46","slug":"introduction-to-intellectual-property","status":"publish","type":"chapter","link":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/chapter\/introduction-to-intellectual-property\/","title":{"raw":"Learn It 5.3.1: Intellectual Property","rendered":"Learn It 5.3.1: Intellectual Property"},"content":{"raw":"<section class=\"textbox learningGoals\">\r\n<ul>\r\n\t<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Understand the purpose of intellectual property law&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:15233,&quot;3&quot;:{&quot;1&quot;:0},&quot;10&quot;:0,&quot;11&quot;:4,&quot;12&quot;:0,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Understand the purpose of intellectual property law<\/span><\/li>\r\n\t<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Understand different types of intellectual property&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:15233,&quot;3&quot;:{&quot;1&quot;:0},&quot;10&quot;:0,&quot;11&quot;:4,&quot;12&quot;:0,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Understand different types of intellectual property<\/span><\/li>\r\n<\/ul>\r\n<\/section>\r\n\r\n[caption id=\"attachment_914\" align=\"alignright\" width=\"300\"]<img class=\"wp-image-914 size-medium\" src=\"https:\/\/content-cdn.one.lumenlearning.com\/wp-content\/uploads\/sites\/15\/2023\/02\/19161100\/pexels-aman-jakhar-1124465.jpg\" alt=\"Red and black cap embroidered with NIKE and swoosh symbol in white\" width=\"300\" height=\"200\" \/> Figure 1. Logos are a form of intellectual property.[\/caption]\r\n\r\n<h2>Intellectual Property<\/h2>\r\n<p><strong>Intellectual property (IP)<\/strong> is an intangible asset. Intellectual property could have a physical form, but it's the ownership of the intangible idea or creation that is protected. Patents, copyrights, and trademarks are forms of IP that are protected in the U.S. by federal statutory law. The purpose of protecting IP is to incentivize, or encourage, creation of value through the development of new ideas and inventions. A patent protects an invention; a copyright protects an original work of art or authorship, and a trademark typically protects brand names and logos.[footnote]\"Protecting Your Trademark: Enhancing Your Rights through Federal Registration.\" United States Patent and Trademark Office. September 2018. Accessed June 12, 2019. <a href=\"https:\/\/www.uspto.gov\/sites\/default\/files\/documents\/BasicFacts.pdf\" target=\"_blank\" rel=\"noopener\">https:\/\/www.uspto.gov\/sites\/default\/files\/documents\/BasicFacts.pdf<\/a>[\/footnote] In this section, you will learn more about each of these types of IP.<\/p>\r\n<section class=\"textbox watchIt\">\r\n<h2>Protecting IP Rights<\/h2>\r\n<p>It's one thing to establish that you own IP but it's another thing to protect it in the marketplace, especially foreign markets.<\/p>\r\n<p>[videopicker divId=\"tnh-video-picker\" title=\"Watch Out for Fakes!\" label=\"Select Video\"]<br \/>\r\n[videooption displayName=\"We Went To The Fake Sneaker Capital Of China\" value=\"\/\/plugin.3playmedia.com\/show?mf=9882518&amp;p3sdk_version=1.10.1&amp;p=20361&amp;pt=375&amp;video_id=KxAW3t423rg&amp;video_target=tpm-plugin-tgvt7pbd-KxAW3t423rg\"][videooption displayName=\"Fashion Knock-offs\" value=\"https:\/\/youtu.be\/U9wY8Wz6lCs\"] [videooption displayName=\"Counterfeit Drugs\" value=\"https:\/\/www.youtube.com\/watch?v=5OPSKuB4KkM\"]<br \/>\r\n[\/videopicker]<\/p>\r\n<\/section>\r\n<p>You can view the <a href=\"https:\/\/course-building.s3.us-west-2.amazonaws.com\/Intro+to+Business\/transcripts\/WeWentToTheFakeSneakerCapitalOfChina.html\" target=\"_blank\" rel=\"noopener\">transcript for \u201cWe Went To The Fake Sneaker Capital Of China\u201d here (opens in new window).<\/a><br \/>\r\nYou can view the <a href=\"https:\/\/course-building.s3.us-west-2.amazonaws.com\/Intro+to+Business\/transcripts\/WhythisGucciknockoffistotallylegal.html\" target=\"_blank\" rel=\"noopener\">transcript for \u201cWhy this Gucci knockoff is totally legal\u201d here (opens in new window).<\/a><br \/>\r\nYou can view the <a href=\"https:\/\/course-building.s3.us-west-2.amazonaws.com\/Intro+to+Business\/transcripts\/Thedevicethatspotsfakedrugs.html\" target=\"_blank\" rel=\"noopener\">transcript for \u201cThe device that spots fake drugs\u201d here (opens in new window).<\/a><\/p>\r\n<section class=\"textbox tryIt\">[ohm2_question height=\"350\"]3886[\/ohm2_question]<\/section>\r\n<p>&nbsp;<\/p>","rendered":"<section class=\"textbox learningGoals\">\n<ul>\n<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Understand the purpose of intellectual property law&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:15233,&quot;3&quot;:{&quot;1&quot;:0},&quot;10&quot;:0,&quot;11&quot;:4,&quot;12&quot;:0,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Understand the purpose of intellectual property law<\/span><\/li>\n<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Understand different types of intellectual property&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:15233,&quot;3&quot;:{&quot;1&quot;:0},&quot;10&quot;:0,&quot;11&quot;:4,&quot;12&quot;:0,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Understand different types of intellectual property<\/span><\/li>\n<\/ul>\n<\/section>\n<figure id=\"attachment_914\" aria-describedby=\"caption-attachment-914\" style=\"width: 300px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-914 size-medium\" src=\"https:\/\/content-cdn.one.lumenlearning.com\/wp-content\/uploads\/sites\/15\/2023\/02\/19161100\/pexels-aman-jakhar-1124465.jpg\" alt=\"Red and black cap embroidered with NIKE and swoosh symbol in white\" width=\"300\" height=\"200\" \/><figcaption id=\"caption-attachment-914\" class=\"wp-caption-text\">Figure 1. Logos are a form of intellectual property.<\/figcaption><\/figure>\n<h2>Intellectual Property<\/h2>\n<p><strong>Intellectual property (IP)<\/strong> is an intangible asset. Intellectual property could have a physical form, but it&#8217;s the ownership of the intangible idea or creation that is protected. Patents, copyrights, and trademarks are forms of IP that are protected in the U.S. by federal statutory law. The purpose of protecting IP is to incentivize, or encourage, creation of value through the development of new ideas and inventions. A patent protects an invention; a copyright protects an original work of art or authorship, and a trademark typically protects brand names and logos.<a class=\"footnote\" title=\"&quot;Protecting Your Trademark: Enhancing Your Rights through Federal Registration.&quot; United States Patent and Trademark Office. September 2018. Accessed June 12, 2019. https:\/\/www.uspto.gov\/sites\/default\/files\/documents\/BasicFacts.pdf\" id=\"return-footnote-2894-1\" href=\"#footnote-2894-1\" aria-label=\"Footnote 1\"><sup class=\"footnote\">[1]<\/sup><\/a> In this section, you will learn more about each of these types of IP.<\/p>\n<section class=\"textbox watchIt\">\n<h2>Protecting IP Rights<\/h2>\n<p>It&#8217;s one thing to establish that you own IP but it&#8217;s another thing to protect it in the marketplace, especially foreign markets.<\/p>\n<div id=\"tnh-video-picker\" class=\"videoPicker\">\n<h3>Watch Out for Fakes!<\/h3>\n<form><label>Select Video:<\/label><select name=\"video\"><option value=\"\/\/plugin.3playmedia.com\/show?mf=9882518&amp;p3sdk_version=1.10.1&amp;p=20361&amp;pt=375&amp;video_id=KxAW3t423rg&amp;video_target=tpm-plugin-tgvt7pbd-KxAW3t423rg\">We Went To The Fake Sneaker Capital Of China<\/option><option value=\"https:\/\/www.youtube.com\/embed\/U9wY8Wz6lCs\">Fashion Knock-offs<\/option><option value=\"https:\/\/www.youtube.com\/embed\/5OPSKuB4KkM\">Counterfeit Drugs<\/option><\/select><\/form>\n<div class=\"videoContainer threePlay\"><iframe src=\"\/\/plugin.3playmedia.com\/show?mf=9882518&amp;p3sdk_version=1.10.1&amp;p=20361&amp;pt=375&amp;video_id=KxAW3t423rg&amp;video_target=tpm-plugin-tgvt7pbd-KxAW3t423rg\" allowfullscreen><\/iframe><\/div>\n<\/section>\n<p>You can view the <a href=\"https:\/\/course-building.s3.us-west-2.amazonaws.com\/Intro+to+Business\/transcripts\/WeWentToTheFakeSneakerCapitalOfChina.html\" target=\"_blank\" rel=\"noopener\">transcript for \u201cWe Went To The Fake Sneaker Capital Of China\u201d here (opens in new window).<\/a><br \/>\nYou can view the <a href=\"https:\/\/course-building.s3.us-west-2.amazonaws.com\/Intro+to+Business\/transcripts\/WhythisGucciknockoffistotallylegal.html\" target=\"_blank\" rel=\"noopener\">transcript for \u201cWhy this Gucci knockoff is totally legal\u201d here (opens in new window).<\/a><br \/>\nYou can view the <a href=\"https:\/\/course-building.s3.us-west-2.amazonaws.com\/Intro+to+Business\/transcripts\/Thedevicethatspotsfakedrugs.html\" target=\"_blank\" rel=\"noopener\">transcript for \u201cThe device that spots fake drugs\u201d here (opens in new window).<\/a><\/p>\n<section class=\"textbox tryIt\"><iframe loading=\"lazy\" id=\"ohm3886\" class=\"resizable\" src=\"https:\/\/ohm.one.lumenlearning.com\/multiembedq.php?id=3886&theme=lumen&iframe_resize_id=ohm3886&source=tnh&show_question_numbers\" width=\"100%\" height=\"350\"><\/iframe><\/section>\n<p>&nbsp;<\/p>\n<hr class=\"before-footnotes clear\" \/><div class=\"footnotes\"><ol><li id=\"footnote-2894-1\">\"Protecting Your Trademark: Enhancing Your Rights through Federal Registration.\" United States Patent and Trademark Office. September 2018. Accessed June 12, 2019. <a href=\"https:\/\/www.uspto.gov\/sites\/default\/files\/documents\/BasicFacts.pdf\" target=\"_blank\" rel=\"noopener\">https:\/\/www.uspto.gov\/sites\/default\/files\/documents\/BasicFacts.pdf<\/a> <a href=\"#return-footnote-2894-1\" class=\"return-footnote\" aria-label=\"Return to footnote 1\">&crarr;<\/a><\/li><\/ol><\/div>","protected":false},"author":21,"menu_order":15,"template":"","meta":{"_candela_citation":"[{\"type\":\"original\",\"description\":\"Introduction to Intellectual Property\",\"author\":\" \",\"organization\":\"Lumen Learning\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"},{\"type\":\"cc-attribution\",\"description\":\"Nike cap\",\"author\":\"Aman Jakhar\",\"organization\":\"Pexels\",\"url\":\"https:\/\/www.pexels.com\/photo\/red-and-black-nike-fitted-cap-1124465\/\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"},{\"type\":\"copyrighted_video\",\"description\":\"We Went To The Fake Sneaker 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