Intellectual Property Rights that Would Best Protect the New Idea Coursework

Intellectual Property Rights that Would Best Protect the New Idea - Coursework Example The term Intellectual property is a legal concept that provides exclusive rights to the owners of the property to insure some ‘intangible ‘ objects that are often over looked or taken for granted. Some of them are works of artistic importance, important scientific discoveries, musical and literary assets and so on. Trade secrets, patent, copyrights, trademarks are such examples. If one has to reason the need for these particular rights one can decipher that the intellectual property rights showers some ‘financial incentives’ to the owners of these exclusive property to create something that could be treasured for years to come. In this regard one could cite reference to the Interflora, Inc. & Anr v Marks & Spencer Plc & Anr for using advertising marks patented without approval as well as the case of Dame Vivienne Westwood O.B.E. v Anthony Edward Knight wherein the claimant Dame V Westwood succeeded to claim compensation for violation trademarks and copyright illegally. Some of the key advantages for the Innovation that Akil have made and then we would analyze it special significance and importance in the light of contributing to Intellectual Property rights. First, Akil has good domain knowledge since he has been working in a watch company for quite some time. This mean that he has a thorough understanding of the mechanics of a watch, how it is manufactured, what are the key components, how are the parts intricate together to make the finished products etc. The second key advantage that Akil has is his passion for a particular sport, running. As an enthusiast in sports himself he could readily understand the needs and requirements of a sportsman and how a new innovative gadget can become a ‘must-have’ accessory that could make his life more enjoyable and simple. Every sportsman especially a runner is time-bound and in order to capture the number of leaps and the time taken, a stop watch is an absolute must. The new scientific innovatio n that Akil proposes to make would be a watch which would accommodate all the functions of a stopwatch in sports. Not only this, the new watch, iRunner would be equipped with a MP3 player too. This would indeed unburden the runner to carry a separate MP3 player while engaged in the sport activity. So over all Akil’s innovative watch; iRunner has a good advantage and appeal in the sports market. In order to understand the relevance and significance of Intellectual property rights protection, one need to know the particular subjects that could be termed as intellectual property. The term usually refers to a subject which is the creation of ‘mind or intellect.’ To understand how and in what ways Akil’s new innovative ‘iRunner’ could possibly find ways to be listed amongst the Intellectual Property one needs to understand the basic concept of Intellectual property protection rights i.e. Patent right. The word patent primarily means some privileged rights that are granted for an innovative scientific innovation that successfully caters to render possibly solutions to some needs by providing some ‘technical solution ‘to a concern. This also means that in order to seek for protection for an innovation under patent rights certain obligations has to be fulfilled as legal requirements. The main protection that IP patent rights provide is to protection the owners of the innovation over a limited period of time which is commonly for a period of 20 years. Thus within that time frame the owners of the Intellectual Property is granted protection which is legally sanctioned. To be protected under patent laws attests that the particular innovation could not be made commercially available that means to be sold or distributed elsewhere without any formal consent of the owners of the Intellectual Property. These rights are, primarily protected and enforced by