Intellectual Property is a category of intangible rights protecting commercially valuable products of the human intellect. Intellectual property deals with creative ability. It refers to innovations, creations, or inventions from the mind. IP covers a wide range of artistic and literary works, such as images, designs, symbols, books, and so on.1
The four types of intellectual property protection are as follows:
- Patents
- Copyrights
- Trademarks
- Trade Secrets
The goal of intellectual property is to guarantee that individuals not only profit monetarily from their creative endeavours but also receive the proper credit and authority for them. Generally speaking, there are four different kinds of intellectual property protection, and the type of intellectual property you want to protect will determine which approach you take.
We will briefly describe the types of intellectual property below
i. Patent
A patent is an exclusive right granted for an invention. Patents benefit inventors by providing them with legal protection of their inventions.2
A patent grants the owner of an invention exclusive rights over their creation. These rights include the legal entitlement to decide whether their invention can be used by others and how it can be used. So, the patent owner can subsequently decide to license this right to others, with or without condition(s).
ii. Copyright
Copyright is a form of IP protection concerned with safeguarding artistic and creative expressions that are original works of authorship. These include books, blogs, paintings, photographs, movies, musical compositions, plays, computer programs, and so on. In a nutshell, copyright protects any work that falls under musical, dramatic, literary, and artistic endeavors.
Owning a copyright grants you the right to reproduce the artistic expression and make derivative works from it; for instance, producing a movie based on a novel.3
iii. Trademark?
A trademark is a legal mechanism used to protect intellectual property such as logos, brand names, slogans, and anything used to identify a business and/or its goods and services. Therefore, a trademark helps build a reputation because it associates a brand with a level of quality that the consumers and the general public come to expect.
Unlike patents and copyrights, trademarks can last in perpetuity, so long as its continuously used by the business and renewed every ten years.
iv. Trade Secret?
A trade secret typically constitutes a formula, recipe, or compilation of data that grants a business a competitive advantage.4 Until quite recently, trade secrets were predominantly covered by state law.
However, not every business secret can qualify as a trade secret. To be designated as a trade secret, the information must fulfill the following requirements:
- The secret must be commercially valuable, not just confidential.
- The knowledge or information must be known to only a small group of people.
- The business must undertake appropriate measures to safeguard and protect it.
Trade secrets are primarily protected by compelling parties to sign confidential nondisclosure agreements and providing stringent physical and digital security as a means of protection. A trade secret is violated when its confidential information is disclosed, acquired, or used unauthorized outside the confines of honest commercial activity.5
HOW CAN A COMPANY PROTECT THEIR INTELLECTUAL PROPERTY IN NIGERIA?
Protecting intellectual property (IP) in Nigeria is crucial for any company, as it safeguards your brand, inventions, products, and creative works. Some of the ways a company can protect its intellectual property are discussed below
1. Register copyrights and trademarks
The best way for a company to protect its intellectual property is by registering copyrights and trademarks. This will give the company a legal right to the exclusive use of its intellectual property and act as a deterrent to would-be infringers.
2. Use of nondisclosure agreements and confidentiality agreements
If a company intends to disclose its intellectual property to others, it is important to do so under a non-disclosure agreement (NDA).6 This will prevent the recipient from disclosing their intellectual property to others without the company's permission. The NDA should be signed by the recipient before the Company discloses any details.
3. Protect trade secrets
A Company can protect its intellectual property as a trade secret. This means keeping it confidential and only disclosing it to people who need to know, such as specific employees.
4. Implement security measures
Guard your secret intellectual property with physical and digital security measures. For example, you can restrict access to your Lab where you develop new products or ideas.
From a digital perspective, you can also encrypt your confidential files and limit access to them. For example, you can store them on a password-protected server that only authorized employees can access.
5. Educate employees
Ensure your employees know your company's IP policy and the importance of keeping IP confidential. You can do this by having them sign NDAs, providing training on company's IP policy, and putting up reminders around the office. In employment contracts, include clauses that protect the company's IP, such as confidentiality provisions, and specify that any IP created during the course of employment belongs to the company.
CONCLUSION
A vibrant ecosystem of innovation, creativity, and cultural preservation can be fostered by following Nigeria's standards for the protection of intellectual property rights. Nigeria may encourage artists, entrepreneurs, and innovators to produce value from their intellectual property by following these rules.
The government must consistently address enforcement issues, raise public understanding, and maintain its commitment to international accords if it is to fully realize the potential of intellectual property rights. In addition to fostering economic expansion, IP rights protection helps Nigeria maintain its position as a leader in innovation and creativity worldwide.
Footnotes
1. https://a-capp.msu.edu/glossary/intellectual-property/ accessed on 03/12/2024
2. https://www.wipo.int/en/web/patents accessed on 02/12/2024
3. https://www.digitalguardian.com/blog/4-types-of-intellectual-property-protection-ip-rights accessed on 03/12/2024
4. https://www.investopedia.com/terms/t/trade-secret.asp accessed on 03/12/2024
5. https://www.digitalguardian.com/blog/4-types-of-intellectual-property-protection-ip-rights accessed on 03/12/2024
6. https://www.shopify.com/ng/blog/199035593-ecommerce-intellectual-property-protection accessed on 02/12/2024
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
