Intellectual property is an incredibly complicated facet of the law. In the United States, we have many laws in place to control and limit profiting from others intellectual property. The issue is not only profiting from others intellectual property, but not purchasing the property from the originator as well. We will discuss why it is important to protect this property as well as why it is tremendously difficult to regulate all these safe guards. “Intellectual Property has the shelf life of a banana.” Bill Gates
Why Protect Intellectual Property
“Protecting your intellectual property is crucial to your business.” (Hinson, 2014) When business have intellectual property that is going to be popular or helpful in advancing there business, they have to take measures to ensure that the ideas or prototypes are protected from other that may steal the intellectual property. In the United States, many laws or safeguard steps have to be followed in order to preserve the intellectual property. A business owner has the right to protect the intellectual property, because the failure to do so could result in demise of the business itself.
“A patent is an intellectual property right granted by the Government of the United States of America to an inventor “to exclude others from making, using, offering for sale, or selling the invention throughout the United States or importing the invention into the United States” for a limited time in exchange for public disclosure of the invention when the patent is granted.” ("Patents," 2014) There are three types of patents, utility, design, and plant. Utility patents protect useful process, machines, article of manufacture, and composition of matter. Design patents pro...
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Barnes, D. W. (2011). Congestible intellectual property and impure public goods. Northwestern Journal of Technology and Intellectual Property, 9(8), 533. Retrieved from http://scholarlycommons.law.northwestern.edu/cgi/viewcontent.cgi?article=1152&context=njtip
Department of commerce, United States Patent and Trademark Office (2014). Patents. Retrieved from website: http://www.uspto.gov/patents/
Gordon M Snow (Chair) Assistant Director Cyber Division, Federal Bureau of Investigation. Intellectual property law enforcement efforts. (2011). Statement before the senate judiciary committee, Washington, D.C. Retrieved from http://www.fbi.gov/news/testimony/intellectual-property-law-enforcement-efforts
Hinson, C. (2014). How and why to protect your intellectual property. Retrieved from http://www.alllaw.com/articles/intellectual_property/article5.asp
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In week 10 of spring semester we discussed chapter 11’s Intellectual Property Law. “Property establishes a relationship of legal exclusion between an owner and other people regarding limited resources.” In this chapter, we learn that the Constitution allows Congress “to promote the Progress of Science and useful Arts, by securing for limited Times to Authors and Inventors to the exclusive Right to their respective writings and discoveries.”
Opposition to intellectual property laws are becoming increasingly common. The moral aspects of intellectual property rights are coming into question, as limiting information and ideas is not benefiting anyone but major corporations. According to Libertarians, advancements may well come to a halt in future years if monopolized ideas are not disseminated for the greater good. On the other hand, disregarding current intellectual property rights internationally is leading to corporations “losing market share dramatically” to copycats producing generic versions of otherwise brand-exclusive medications (Shah, Warsh & Kesselheim. 2013). Priorities must be considered, what is important or beneficial to citizens is rarely what is important to corporations.
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, a word, a symbol, or device or any combination thereof, adopted and used by a manufacturer or merchant to identify his goods and distinguish them from those manufactured and sold by others. (Miaoulis 1978)
Becoming a restaurant owner is a poor way of getting rich. Despite the long arduous hours, many restaurants barely turn a profit. Luckily, restaurateurs see it as a labor of love. It’s not a method to getting rich; it is a muse and a median for their creations. Unfortunately, if not carefully protected, those same creations can become their downfall through failure to abide by intellectual property law. The purpose of this paper is to understand intellectual property and how it relates to the restaurant industry.
Intellectual property abounds in our society, it is the direct result of the expression of an idea or other intangible material (Zuber, 2014). Our laws provide rights which are specific to the owner of the intellectual property. Furthermore, intellectual property is protected by laws just like tangible property is protected (Lau & Johnson, 2014). The most widely known forms of intellectual property rights include: trade secrets for confidential information, patents for a process/invention, copyrights for creative items and trademarks for brands (Lau & Johnson, 2014). While these rights may appear very defined, there are times when questions
It is important that I make this very clear and that I do so at the earliest possible moment. I must do this because the essay that you are reading is about intellectual property, and that means that this essay must be self-referential. When one writes or speaks or communicates in any way about intellectual property, one is dealing with some of the most basic rules of the very medium in which one is operating. There is no neutral ground here, no possibility of genuine detachment or objectivity. Either I am going to claim the protection of the current laws that apply in the United States and under the World Intellectual Property Organization, or I am not.
Intellectual property consists of the fruit of one’s mind and not one’s hands. The laws of intellectual property protect property that is primarily the result of mental creativity rather than physical effort. When we are thinking about rights of any kind, it is important to remember that society, through laws, decides what rights individuals and communities have with regard to property.
Intellectual property (IP) contributes a great deal to economies. Dozens of industries rely on the ample enforcement of their patents and copyrights, while consumers use it to ensure they are purchasing secure, guaranteed products. IP rights are worth to be protected both locally and overseas. Protection of IP is a non-partisan issue where these rights are embraced by all sectors of industry, consumer groups, labor organizations, and other trade associations we bring together.
The patent is the most powerful method available to the owner of IP because it offers the most comprehensive cover, along with the most options in the ways that the idea can make money for the persons involved. Other means of protection are quite feeble in comparison to the patent, for example ...
The idea of giving creators a limited exclusive right to their intellectual property began in England in 1710. The “Statute of Anne,” inspired our Founding Fathers and was incorporated into the United State’s Constitution. There are three types of intellectual property. Trademark ™, Copyright ©, and Patents. The last two are more controversial because they both give the creator exclusive rights to their invention/writing for a limited time. They were meant to benefit both society and creator. Unlike copyright, patents further prevents another company from reverse-engineering the product and selling it for less. Patents are also harder to get; To get a patent it has to be approved by the United States Patent and Trademark Office (USPTO). Although the fashion industry has benefited from not having patents; Competitors constantly steal ideas from each other and cost for consumers are lower as a result. The existential U.S. Patent laws we have today are counter productive and slow the process of innovation in other fields.
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.
There are many reason that why is it important to protect one’s intellectual property. Some of the reason are Creator being accused as a theft, Loss of Reputation, Loss of income, Loss of Asset and Loss of Authority Rights.
There are many industries where companies are beginning to focus their activities on the acquisition and protection side of their company’s intellectual property. Strategically many companies are realising that intellectual property is one of the most important parts that differentiates them as an individual organisation. The essay addresses the logic behind the focus on intellectual property and evaluates how this now impacts on industry and the firms involved within it.