This post was first published on November 18, 2014.
Here is the first post in the series of Student Blog Contest. This post is authored by Pallavi Singh.
Intellectual Property Rights are legally recognized exclusive rights to protect creations of the mind. Along with human creativity and inventiveness, IPR is all around us. Almost every product or service that we use in our daily lives is the result of a long chain of big or small innovation, such as changes in design or improvements that make a product look or function the way it does today. Take for example, the ballpoint pen. Ladislao Biros’ famous patent on ballpoint pens was in many ways a breakthrough. But, like him, many others have improved the product and its designs and legally protected their improvements through the acquisition of IP Rights. The trademark on your pen is also Intellectual Property and it helps the producer market the product and develop loyal clientele. Common types of IPR include copyright, trademarks, patents, industrial design rights and in some jurisdictions trade secrets.