Intellectual property (IP) refers to creations of the mind: inventions, literary and artistic works, and symbols, names, images, and designs used in commerce.

Patents, Copyrights, Trademark, Industrial Designs, Geographical Indications, Trade Secrets Inventions (patents), trademarks, industrial designs, and geographical indications are referred to as Industrial property.

A patent is an exclusive right granted for an invention, which is a product or a process that provides, in general, a new way of doing something, or offers a new technical solution to a problem. In order to be patentable, the invention must fulfil certain conditions.

1. Exclusive Right- allows to use and exploit the invention for 20 years from date of filling. 2. Strong Market position-prevent other from commercially using patented invention thereby reducing competition. 3. Higher returns on investment. 4. Opportunity to license or sell the invention. 5. Positive image of enterprise.

Copyright is a legal term describing rights given to creators for their literary and artistic works. The kinds of works covered by copyright include: literary works such as novels, poems, plays, reference works, newspapers and computer programs; databases; films, musical compositions, and choreography; artistic works such as paintings, drawings, photographs and sculpture; architecture; and advertisements, maps and technical drawings.

1. Copyright is the body of law that grants authors, artists & other creator’s protection for their literary and artistic creations, which are referred to as Works. 2. Copyright protection (other than photographs) is for life of author plus sixty years after his death.

A trademark is a distinctive sign which identifies certain goods or services as those produced or provided by a specific person or enterprise.

It can be applied through online portal i.e. https://innovative.msme.gov.in/Home/IprIndex .

Ministry of MSME has set up IP Facilitation Centres(IPFCs) for the aforesaid purpose.