What is Intellectual Property?

Introduction to Intellectual Property

Overview of the Speaker and Role

• Paul Sorkin introduces himself as an Intellectual Property Portfolio Manager at the MIT Technology Licensing Office (TLO), with a technical background as a patent attorney.

• He has been in this role for approximately 2.5 years, emphasizing the intersection of creativity and technology in his work.

Purpose of Discussion

• The main goal is to discuss intellectual property (IP) and its significance in protecting creators' works for societal benefit.

• IP includes patents, copyrights, trademarks, and trade secrets, allowing creators to control how their creations are used.

Understanding Different Types of Intellectual Property

Trade Secrets

• Trade secrets protect confidential business information; maintaining secrecy is crucial for protection.

• Example: Coca-Cola's formula is famously kept secret, illustrating the importance of confidentiality.

• If reverse engineering occurs, trade secret protection may be lost; thus, significant efforts must be made to keep it confidential.

• Unlike other forms of IP, trade secrets can last indefinitely but depend on ongoing secrecy efforts.

Trademarks

• Trademarks identify the source of goods/services and help consumers distinguish between brands.

• To obtain a trademark, it must be distinctive and used in interstate commerce; continuous use is required for longevity.

• Institutions like MIT have trademarks that they license out while ensuring no unauthorized use occurs.

Copyright and Patents Explained

Copyright

• Copyright protects creative works such as books and music recordings but only covers the expression of ideas—not the ideas themselves.

Patents

• A patent grants inventors exclusive rights to their inventions—preventing others from making or selling them without permission.

• Criteria for obtaining a patent include novelty (never done before), non-obviousness (not just minor changes), and utility (must serve a purpose).

Understanding the Patent Process

Overview of Patent Application and Duration

• A patent application is submitted to the patent office for review, and if it meets the criteria for a patentable invention, a patent is granted.

• In the United States, patents are valid for 20 years from the original filing date; however, the review process can take 3 to 5 years or longer.

• The remaining term of a patent begins from its grant date until reaching the 20-year expiration anniversary.

Maintenance Fees and Ownership

• To keep a patent in force in the U.S., maintenance fees must be paid approximately every three and a half years up to about 14 years into its term.

• Failure to pay maintenance fees results in abandonment of the patent, allowing its subject matter to enter public domain.

• The inventor is legally recognized as the owner of a patent; however, if multiple inventors exist, they share joint ownership.

Assignment of Patent Rights

• Often, inventors working for companies or universities assign their rights to these entities, making them the official owners of patents.

• Despite this assignment, individuals remain credited as inventors even if they do not own the patents themselves.

• Patents frequently involve licensing agreements, particularly within higher education institutions.