And on this World Intellectual Property Day 2021, IMRO Adjunct Professor of Intellectual Property Law at the Law Society of Ireland, Dr Mark Hyland, shares 12 things you may not have known about Intellectual Property.

1. Intellectual property (IP) refers to creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names and images used in commerce.
2. World Intellectual Property Day is observed annually on 26 April because it coincides with the date on which the Convention Establishing the World Intellectual Property Organization entered into force in 1970.
3. IP is protected in law by intellectual property rights (IPRs). The four main IPRs are: patents, copyright, trade marks and designs. IPRs provide legal protection and certain exclusive rights to the IP owner.
4. IPRs can be viewed like any other property right. IP owners can sell or ‘lend’ (license) their IPRs, thereby generating revenues for themselves. IP can even be used as collateral by corporates and SMEs when seeking financing from lenders. .
5. It pays to innovate! Three individuals who became extremely wealthy thanks to their creative and innovative ways are: Thomas Edison, Henry Ford and James Dyson.
6.  In the EU, IP assets are protected by three tiers of legal protection: domestic laws, regional laws (e.g. EU legislation) and international conventions.
7. IP is divided into two branches, namely, industrial property and, copyright. Industrial property is broad and encompasses patents, utility models, industrial designs, trade marks and geographical indications. Copyright covers a broad range of works. The four key elements protected by copyright are: literary, dramatic, musical and artistic works.
8. The first ever patent law was adopted by the Venetian Senate in 1474. In protecting inventors’ rights, it proved a huge breakthrough in Renaissance Venice.
9. The Statute of Anne is the world’s first copyright law. It was enacted by the British Parliament and came into force on 10 April, 1710.
10.  Interestingly, copyright protection arises automatically on creation of the work and does not depend on a formal registration process.
11. According to a 2020 joint report by the European Union Intellectual Property Office and the European Patent Office (EPO), firms that own IP rights generate 20% higher revenues per employee than their counterparts without an IP portfolio.
12. The Intellectual Property Office of Ireland (based in Kilkenny) is the official Irish government body responsible for IPRs. An individual or company can obtain patent, trade mark or design protection from this office.

Dr Mark Hyland is the inaugural adjunct Professor of Intellectual Property Law. IMRO and the Law Society of Ireland partnered to create the role in response to the fast-changing digital landscape and the inevitable on-going effects on copyright law and practice.
The professorship is a key resource to the Law Society in broadening the knowledge base of trainee and qualified solicitors in the expanding area of IP Law. The expectation is that a solid grounding in this field of law will entice a new generation of lawyers into the music and entertainment industries.
Dr Hyland is a lecturer in the College of Business at the Technological University Dublin. His current research focuses on two main themes: website-blocking injunctions in an IP context and how geo-location/geo-blocking technologies can be used to facilitate the territorial licensing of digital copyright works. He is a qualified solicitor and regularly contributes articles on EU IP/IT law developments to the Law Society Gazette.