Intellectual property (IP) is defined as property that is developed through an intellectual and creative processes. Intellectual property falls under the category of property known as intangible rights, which includes patents (inventions of processes, machines, manufactures, and compositions of matter), copyrights (original artistic and literary works of), trademarks (commercial symbols), and trade secrets ((product formulas, patterns, designs). Intellectual property rights has a significant value to both individuals and businesses, providing in the case of large companies, over one half of their value on return. Since intellectual property rights are so important to the U.S. economy and its citizens, federal and state law provides protection, for example, civil damages and criminal penalties to be assessed against infringers. Due to the importance of intellectual property to a business, I don’t think that its protection and enforcement is going to be a thing of the past.
Because of its intangible nature, and particularly the increase of the digital domain and the internet as a whole, computers and cyber piracy make it easier for people to steal many forms of intellectual property. Due to this major threat, intellectual property rights owners’ should take every single measure to protect their rights. Unless these rights are either sold, exchanged, transferred, or appropriately licensed for use in exchange for a monetary fee, they should be protected at all cost. In order to protect these rights, the federal and states governments have passed numerous laws and statutes to protect intellectual property from misappropriation and infringement. “The source of federal copyright and patent law originates with the Copyright and Patent ...
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...one thing less susceptible than all others of exclusive property, it is the action of the thinking power called an idea, which an individual may exclusively possess as long as he keeps it to himself; but the moment it is divulged, it forces itself into the possession of every one, and the receiver cannot dispossess himself of it.” (Jefferson, 1813).
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Jefferson, T., (1803). Thomas Jefferson letter to Isaac McPherson. Retrieved from http://rack1. ul.cs.cmu.edu/jefferson/
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Penalties Related to Copyrights, Trademarks, and Patents. Retrieved from http://www. fas.org/ sgp/crs/misc/RL34109.pdf
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Companies doing business on the Web must be certain of their ability to manage the liabilities that can emerge as a result of today's online business environment. This environment includes laws and ethical factors that are sometimes different from those in the brick and mortar setting. The online environment often forms a network of customers who can have considerable levels of communication with each other. Online businesses that break the law or violate ethical standards, therefore, can face swift and harsh reactions from customers and other stakeholders who will quickly learn of the businesses' unscrupulous online behaviors. Online customers also have much more interactive and complex relationships with online businesses than they do with traditional companies. This is because Internet technologies enable companies to build Web sites that can be customized to meet the specific needs of their B2B or B2C customers (Schneider, 2004). Online businesses can use this property of the online environment to manage the legal and ethical requirements of both business and consumer clientele.
Business law: The. ethical, global, and e-commerce environment (14th ed.). New York: McGraw-Hill, 1998. Spadaccini, M. (2005, June 7). What is a "close corporation"? Entrepreneur Magazine - "The Entrepreneur" Ultimate Book on Forming Corporations, LLCs, Sole Proprietorships and Partnerships.
Over the past decade the societal view of creative society has greatly changed due to advances in computer technology and the Internet. In 1995, aware of the beginning of this change, two authors wrote articles in Wired Magazine expressing diametrically opposed views on how this technological change would take form, and how it would affect copyright law. In the article "The Emperor's Clothes Still Fit Just Fine" Lance Rose hypothesized that the criminal nature of copyright infringement would prevent it from developing into a socially acceptable practice. Thus, he wrote, we would not need to revise copyright law to prevent copyright infringement. In another article, Entitled "Intellectual Value", Esther Dyson presented a completely different view of the copyright issue. She based many her arguments on the belief that mainstream copyright infringement would proliferate in the following years, causing a radical revision of American ideas and laws towards intellectual property. What has happened since then? Who was right? This paper analyzes the situation then and now, with the knowledge that these trends are still in a state of transformation. As new software and hardware innovations make it easier to create, copy, alter, and disseminate original digital content, this discussion will be come even more critical.
Though it is often overlooked today in favor of its counterpart digital music protection, software content protection is an extremely serious issue, and many contend that it has the potential to stunt the growth of technology if it is mishandled. The debate concerns software piracy (often simply using a program you didn’t actually pay for), and the proper legal protection that should apply to such software programs. Due to space constraints, I intend to confine our discussion here to an overview of the software patent and copyright issues in the United States and the UK – two of the world’s most advanced countries with widespread software development and use, and therefore great potential for misuse. And as no treatment of this issue can be complete without a look at its ethical ramifications, I will finally propose a solution to the software protection problem, and justify it with ethical as well as pragmatic motivations.
Intellectual property rights have made a huge amount of headway towards stopping the illegal things going on, but also have a very long way to go. I believe there will be many more laws and acts to attempt to control especially copyright problems. With the constant growth of technology and equipment it will get harder and harder to completely stop this problem and it will be much more about controlling it.
Intellectual Property Law used to only protect art, music, and literature, but because of technological development, Intellectual Property Law now also protects a greater variety of innovations including designs, inventions, symbols, discoveries, and words. The phrase “intellectual property” was first known to be used in the late 1700’s; however, it was not widely talked about, nor was the Intellectual Property Law in actuality commonly implemented. Intellectual Property Rights slowly gained more attention by mid-1800’s after the Industrial Revolution had taken place: more companies were created, competition between corporations became fiercer, and owning unique innovations were crucial to winning the competition. However, as Intellectual Property
Chesseman, Henry R. Legal Environment of Business: Online Commerce, Business Ethics, and Global Issues. 8th ed. N.p.: Pearson Education, Inc. , 2016. Print.
...ers, generates solutions to global challenges, and encourages innovation in order to reward entrepreneurs. The Intellectual Property industry helps to employ over 55 million Americans, and
The sharing of copyrighted intellectual property is illegal in the United States. Federal law provides severe civil and criminal penalties for the unauthorized reproduction, distrib...
The World Intellectual Property Organization, Intellectual property is the ‘products of the mind: inventions, literary and artistic works, any symbols, names, images, and designs used in commerce’. Intellectual Properties such as Patents, designs, trademarks and copyrights are protected by laws. The US government offers different types of protection for these properties. The Lanham Act (15 U.S.C.A. Section 1051 et seq., also known as the Trademark Act of 1946, provides protection for trademarks. A trademark is defined as a name, word, symbol, or device or any combination thereof, adopted and used by a manufacturer or merchant to identify its goods and distinguish them from those manufactured and sold by others.
[i]nformation that derives its intrinsic value from creative ideas. It is also information with a commercial value. Intellectual property rights (IPRs) are bestowed on owners of ideas, inventions and creative expression that have the status of property. Like tangible property, IPRs give owners the right to exclude others from access to or use of their property. (United States Information Agency, "Intellectual Property Rights Protection")
Intellectual property is information, original ideas and expressions of the persons mind that have profitable value and are protected under copyright, patent, service mark, trademark/trade secret regulation from replication, violation, and dilution. Intellectual property includes brand items, formulas, inventions, data, designs and the work of artists. It is one of the most tradable properties in the technology market.
Stead, B. A., & Gilbert, J. (2001). Ethical issues in electronic commerce. Journal of Business Ethics, 34, 75-85.