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Success in a global economy depends more and more on intellectual property (IP) assets. In fact, IP-based businesses and entrepreneurs drive more economic growth in the United States than any other single sector.Unfortunately, intellectual property has captured the attention of pirates and organized crime. Today, piracy, counterfeiting and the theft of intellectual property pose a serious threat to all U.S. businesses. Industry estimates of the cost of such theft range from $250 billion to 750,000 jobs per year. These threats to ongoing invention and innovation make it important to consider securing IP protection, whether you're a major multinational firm or a 1-person home business.Small businesses. Big questions.While every IP-based business is vulnerable to piracy and counterfeiting, small businesses can be at a particular disadvantage because they lack the resources and expertise available to larger corporations. Small businesses may also often lack the familiarity with the process of protecting intellectual property: research conducted in the spring of 2005 by the U.S. Patent and Trademark Office (USPTO) indicates that only 15 percent of small businesses that do business overseas know that that a U.S. patent or trademark provides protection only in the United States.It has never been more essential for you to consider patenting your idea or registering your name as a trademark, especially if you are a small business owner or are starting a small business.

What is intellectual property?
As defined by Article 2, section (viii), of the Convention Establishing the World Intellectual Property Organization, done at Stockholm, July 14, 1967, "intellectual property" shall include the rights relating to: literary, artistic and scientific works, performances of performing artists, phonograms, and broadcasts, inventions in all fields of human endeavor, scientific discoveries, industrial designs, trademarks, service marks, and commercial names and designations, protection against unfair competition, and all other rights resulting from intellectual activity in the industrial, scientific, literary or artistic fields."
A patent for an invention is the grant of a property right to the inventor, issued by the United States Patent and Trademark Office. The right conferred by the patent grant is "the right to exclude others from making, using, offering for sale, or selling" the invention in the United States or "importing" the invention into the United States for a limited time in exchange for public disclosure of the invention when the patent is granted. Patents are territorial in that patent protection must be applied for in each country where protection is sought.
A trademark protects words, names, symbols, sounds, or colors that distinguish goods and services from those manufactured or sold by others and indicate the source of the goods. Trademarks, unlike patents, can be renewed forever as long as they are being used in commerce. Registration of a trademark is not required in the U.S., although there are benefits to obtaining a Federal trademark registration through the USPTO. Trademarks are territorial; unlike the United States, most countries require registration of trademark rights.
A copyright is a form of protection provided to the authors of "original works of authorship" including literary, dramatic, musical, artistic, and certain other intellectual works, both published and unpublished. A copyright protects the form of expression rather than the subject matter of the writing. The U.S. Copyright Office handles copyright registrations. Owners of copyrighted works seeking protection in other countries should first determine the extent of protection available to works of foreign authors in that country.
Generally, a trade secret can include a formula, pattern, compilation, program, device, method, technique or process that is used in one's business, and has independent economic value that provides an advantage over competitors who are not aware of it or use it. Under most circumstances, a trade secret is lost once it is independently discovered.

Intellectual Property Rights in T&T

Trinidad & Tobago’s economy and market have been rapidly liberalised and opened up to foreign participation. This has created significant business opportunities and made it important for many more foreign businesses to secure their valuable intellectual property rights in Trinidad and Tobago. As part of the reform undertaken to improve the conditions for trade and investment, the country’s intellectual property laws were modernized in 1997.
In this chapter, Luke Hamel-Smith, Senior Associate and Fanta Punch, Associate in Hamel-Smith’s Intellectual Property Practice Group, provide a broad overview of Intellectual Property law in Trinidad & Tobago.
Intellectual Property rights in Trinidad and Tobago are managed by the Intellectual Property Office (IPO).
The Word Trade Organisation certified Trinidad & Tobago as being compliant with the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPs) in June 2000. Trinidad and Tobago Intellectual Property legislation protects:
Trademarks;
Patents;
Copyright;
Industrial Design;
Integrated Circuits;
Geographical Indications;
New Plant Varieties.
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