JAWAHARLAL NEHRU TECHNOLOGICAL UNIVERSITY HYDERABAD B.Tech III Year INTELLECTUAL PROPERTY RIGHTS Previous Question Paper (September - 2021 - R13)

An invention is a unique or novel device, method, composition, or process. It represents a new technical solution to a problem and must satisfy the criteria of novelty, non-obviousness, and industrial applicability to be patentable. It is the creation of something that did not exist before.

An innovation is the practical implementation of an idea or invention that results in the introduction of a new good or service, or an improvement in offering a good or service. While an invention is the act of creating, innovation is the act of commercializing or applying that invention to create value in the market.

Key differences include:

• Invention is often a technical breakthrough, whereas innovation is a process of adoption and economic application.
• Invention focuses on the 'what' (the new creation), while innovation focuses on the 'how' (the implementation and utility).
• Not all inventions become innovations, as many inventions lack commercial viability or practical application.
• Innovation can occur without a new invention by improving existing processes or business models, whereas an invention is inherently a new discovery.

Property refers to the legal right to possess, use, enjoy, and dispose of a specific object or asset. It establishes a relationship between a person (the owner) and an object (the thing owned), protected by law against interference from others.

Property is broadly categorized into two types:

• Tangible Property (Corporeal): Physical assets that have a material existence and can be touched or held. Examples include land, buildings, machinery, vehicles, and raw materials.
• Intangible Property (Incorporeal): Assets that do not have a physical form but represent legal rights or value. Examples include patents, copyrights, trademarks, trade secrets (collectively known as Intellectual Property), as well as stocks, bonds, and goodwill.

The concept of property grants the owner the power to exclude others from using the asset, transfer ownership through sale or gift, and derive economic benefit from its utilization.