The Benefits Of Intellectual Property

Intellectual Property Report

Intellectual property has been around for a quite a long time now but it was not popular until in the last century. Now it has taken place an important role in majority of the world especially the business world.

The term, Intellectual Property (IP) refers to the product of a human intellect i.e. inventions, literary and artistic works or anything that of one`s creation of mind. Intellectual property Right, IPR, is the legal protection of such creations of the mind: inventions; literary and artistic works; and symbols, names and images with moral and commercial values from unauthorized usage by law.

Typical types of IP protection:

1) Trademarks

2) Patents

3) Industrial Design

4) Copyrights

5) Trade secrets

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By exchanging limited exclusive rights for inventions and creative works, society and the patent or owner equally benefit, and an incentive is created for owners to disclose their works.

Financial incentive

These protection rights allow Intellectual property owners to benefit from the property they have produced, providing a financial incentive for the creation of an investment in intellectual property, and, in case of patents, pay associated research and development costs

In the UK, IP has become a recognised asset class for use in pension-led funding and other types of business finance. However, in 2013, the UK Intellectual Property Office stated: "There are millions of intangible business assets whose value is either not being leveraged at all, or only being leveraged inadvertently". (Brassell and King, 2013)

Economic growth

The WIPO treaty and numerous associated international agreements emphasize that the protection of intellectual property rights is vital to maintaining economic growth.

The WIPO IP Handbook gives two reasons for intellectual property

2) The second is to promote, as a careful act of Government policy, creativity and the dissemination and application of its results and to encourage fair trading which would contribute to economic and social development.

The Anti-Counterfeiting Trade Agreement (ACTA) states that "effective enforcement of intellectual property rights is critical to sustaining economic growth across all industries and globally".