Importance Of Intellectual Property

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2 Introduction Intellectual property (IP) is key for businesses and individuals to protect their ideas and inventions for a given amount of time [1]. This protection serves as motivation to stimulate new ideas and grow the overall wealth of ideas in the world. At no other time in the world has there been so much IP and it has never been harder to protect and define it. This literature review will serve to discus the different types of IP, how they came to be in the form they are today, and the challenges they face now and going forward. 3 Intellectual Property 3.1 Background The World Intellectual Property Organization defines IP as, “creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names and images used in commerce”[2]. IP law is the right of an individual to own original ideas, expressions, and creations for use in the US Law protects IP rights in the form of Patents, Trademarks, and Copyrights [1]. Other forms such as trade secrets and know how will also be covered. 3.2 IP’s Importance Today? …show more content…

It allows individuals and companies to gain a competitive edge, which will help them, be successful. IP Law rewards individuals and companies who are innovative and creative by protecting their ideas and creations so only the can use them for a period of time. As the world heads more and more towards a knowledge economy people have different opinions on the role that IP should play in the present day economy from a key role to the need for its removal all together [4-6]. As will be shown, IP law has forced the market to adapt but IP law has also had to adapt to forces of the market. While the arguments vary depending on the discipline it is obvious that problems that face IP law today are becoming ever more complex

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