Innovation and Invention
What is Innovation?
Innovation is derived from the Latin word, ‘Innovare’, which means to renew. Innovation is a process whereby company and organizations transform their creative ideas into new products and services, which differentiate them from their competitors and are made to stand out against others.
What is Invention?
Invention in common parlance means to design or create something new. Invention is the act or operation of finding out something new by the exercise of independent investigation and experiment. It possesses elements of novelty and utility in kind and measures different from and more significant than what the art might expect from skilled workers.
Difference between Innovation and Invention.
Innovation and Invention may sound quite synonymous and seem to be closely related. But there is a difference between both of them.
The Invention is the creation of a product and service for the first time. On the other hand, Innovation is when someone improves and makes significant changes to an existing product or service.
Let us understand this difference with an example.
A microprocessor chip was invented by someone, but it was a piece of the circuit board. The hundreds and thousands of products, processes, and services were evolved from that circuit board, which required Innovation.
There are many such examples like the Innovation of washing machines, electric bulbs, mobile phones, and so on.
3 ways to protect your Invention and Innovation.
Invention and Innovation is one of the company’s or organization’s main assets, which needs to be protected. These both form the Intellectual property of the company. It should be used at the desire of the owner and prevent others from using it without the owner’s permission.
There are three ways to protect your ideas, as detailed below.
1. PATENT YOUR WORK
What is a Patent?
A patent is a form of intellectual property. The Oxford Law Dictionary termed Patents as, “The grant of exclusive right to exploit an invention”. A patent is an exclusive right granted for an invention, which may be a product or process, in general, a new way of doing something or may offer a technical solution to a modern problem.
A patent conveys substantive rights to the inventor and secures him the valuable monetary right he can enforce for his advantage by exploiting the same.
Inventions that can be patented.
Inventions should have the following features to get patented:
- It should be novel.
- It must involve an inventive step.
- It should be capable of industrial application.
Patents may be granted for inventions in any field of technology, from kitchen appliances we use every day to a nanotechnology chip.
Patent rights are territorial, so a patent obtained in one country may not be enforceable in another country. In that case, the inventors are required to file separate applications in different countries for obtaining the patent rights in those other countries.
Rights provided by Patent.
The inventor has the right to decide who may or may not use and how others can use their patented work. In a general sense, patent protection means that the invention cannot be commercially made, used or distributed, or sold by others without the inventor’s permission.
Term of Patent.
Patent protection is generally granted for 20 years, from the filing the date of the application.
What is Copyright?
As the name suggests, copyright means the right to copy. In simple words, the owner of the copyright has exclusive rights over his work and is entitled to make copies of the same.
Copyright is a fundamental area of intellectual property rights which is essential not only concerning works authored by the individual but also because it includes different kinds of works.
Copyright is a legal term used to describe the rights that creators have over their literary and artistic works.
Work in which copyright subsists.
The legislation does not cover the lists of works that copyright protects. Nevertheless, works commonly protected by copyright throughout the world are:
- Literary works such as novels, poems, plays, reference works, newspapers articles;
- Computer programs, databases;
- Films, musical compositions, and choreography;
- Artistic works such as paintings, drawings, photographs, and sculpture;
- Advertisements, maps, and technical drawings.
Rights protected by copyright.
There are two kinds of rights protected under copyright.
- Economic rights: These are the rights that protect the author of the work in monetary terms if his work is used by others. Some of the economic rights conferred to the owner or author of the work are listed below:
- To issue copies of works to the public, not being copies already in circulation.
- To make any translation of work.
- To reproduce the work.
- To communicate the work to the public.
- To make a copy of the film, including a photograph of any image forming part thereof, or storing it in any medium by electronic means or other means.
- To sell or give or hire the work.
- Moral rights: Along with economic rights, some moral rights are also conferred to the owner. Examples of moral rights are:
- Right to claim authorship of work.
- Right to oppose changes to work that can harm the reputation of the author.
Tenure of copyright.
Economic rights are time-constrained. It varies according to national law and also according to treaties signed by countries. For example, in countries that are members of the Berne Convention, the time limit should be equal to or longer than 50 years after the creator’s death.
What is Trademark?
In common parlance, a trademark is a ‘mark’ that distinguishes the words and products of one person from another. Oxford law dictionary defines a trademark as “A distinctive symbol that identifies particular products of a trader to the general public. The symbol may consist of device, words or combination of these”. The trademark or the symbol can also be a combination of drawings, pictures, colours, words, letters, numbers, etc.
For example, the trademark ‘Dettol’ and ‘Lux’ are distinguished by their names though both deal with similar products, i.e., Soap.
Registration of Trademark.
Trademark protection can be obtained through registration of the trademark at the national or regional office by paying the fixed amount of fees. Suppose you want to get trademark protection at the international level. In that case, you have two options, either you get your trademark registered with the trademark office of each country, or you can use the WIPO Madrid system.
Benefits of registration.
- It provides exclusivity to the proprietor for the use of the trademark about its goods and services.
- This right is an assignable right, which is not available in the case of an unregistered trademark.
- Registration can be used as prima facie evidence concerning the validity of the trademark.
- The proprietor is protected on the grounds of the distinctiveness of a registered trademark.
Tenure of Trademark.
The tenure of a trademark can vary, but it usually is of ten years. But it can get renewed for an indefinite period by paying the subsequent amount of additional fees.
Though not prominently, intellectual property plays a vital role in the economic development of a country. Not only this, but it is also an integral part of social-cultural development. The economic development of a country does depend upon the Innovation and protection provided to those innovative ideas.
Needless to say, strong intellectual property protection contributes to Innovation and FDI in a country. Therefore, one can conclude that intellectual property protection is a significant determinant of economic development and growth.
Edited by Prakriti Arora