Intellectual property rights
Apart from trademark, patent also forms the core of IP rights. Patent refers to the right that a government offers an entity to create, utilize and trade the idea. The idea of patent began with the Statute of Monopolies act of 1623. In the USA, this right covers a period of 20 years or 14 years for a design patent. Closely related to this, in the USA, the owner gains the right from application at the trademark offices. As similar to the trademark, patent is restricted to certain concepts only.