Intellectual Property Rights ( Ipr )

Intellectual Property law manages the guidelines for securing and authorizing legitimate rights to developments, outlines, and imaginative works. Pretty much as the law secures responsibility for property and land, so too does it ensure the restrictive control of elusive resources. The reason for these laws is to give a motivator for individuals to create inventive works that advantage society, by guaranteeing they can benefit from their works without apprehension of misappropriation by others.

Protection of intellectual property are investments based on acquired knowledge, thought and effort by one or multiple individuals on behalf of themselves, the business they work for when the property is created, and a financial investment. Each of these – acquired knowledge, thought, physical effort, financial investment – have a value that can be attached as it relates the usefulness or importance of the resulting product. That value will have a level of importance to the individual(s) creating the product and if applicable, the investor providing the funds in support of the creation.

An Introduction to the Law and Economics of Intellectual Property Author(s): Stanley M. Besen and Leo J. Raskind Reviewed work(s): Source: The Journal of Economic Perspectives, Vol. 5, No. 1 (Winter, 1991), pp. 3-27 Published by: American Economic Association Stable URL: http://www.jstor.org/stable/1942699 . Accessed: 24/11/2011 08:39

Copyright is the legal right, to an inventor to perform, print, publish, film, or record artistic, literary, or musical material, and to allow others to do the same. Copyright law was developed to provide the creators and inventors of any works with powerful and effective rights of exclusivity over their creations (Patterson & Lindberg, 1991). Over the past, these rights were almost unlimited. People would use existing developments as if they were their own without any regard of the creator’s exclusive rights. The need to balance and limit such rights arose, and governments established these limits for the general good of the public.

The Leahy-Smith America Invents Act, passed on September 16, 2011, was the most significant reform to the patent system in the United States since the Patent Act of 1952, which redefined the patentability of patent to include being nonobvious in addition to new and useful (1). The demanding need for patent reform had been discussed and debated frequently both within the literature focusing on patent trolls and consistently in Congress with the introduction of many patent reform acts that were never enacted: the Patent Reform Act of 2006 at the 109th Congress, the Patent Reform Act of 2007 at the 110th Congress, and the Patent Reform Act of 2009 at the 111th Congress (2-5). The enactment of the America Invents Act in 2011 after the failure of previous reform attempts signifies its importance in addressing the pressing issues of the United States patent system. The America Invents Acts specifically aimed to confront problems that were impeding innovation: the ever-increasing expense of the patent process, the exploitation of the patent system by patent trolls, and the unnecessary complexity and inefficiency of the patent process as a whole.

An effective system of intellectual property is important in facilitating innovation as well as economic growth within a country and across all its borders (Davidson, Monoti, Wiseman, 2012). The current global economy is concentrating more in the invention of ideas that are original, other than in manufacturing of machines. To enhance and protect these ideas, there ought to be effective intellectual property laws. The government of Australia has prioritized the protection of original ideas from individuals through copyright, patent, and trademarks among other intelligent property laws, which give the inventor a temporary period to enjoy the financial benefits of his or her original idea. The major purposes of intellectual property laws can be contested; therefore, they create areas of interest for

Before college, when I heard about lawyers I only ever thought of one thing, the bar exam, and how awful it must be to prepare and take such a test. Now, moving steadily through the senior year of my undergraduate degree, my aspirations are quite different than what they were before college. With my changing goals, being a lawyer is now a profession that I wish to be a part of in the not too distant future. Specifically, I am aspiring to work in Intellectual Property Law. This form of law deals with protecting tangible and intangible creations of clients. These tangible and intangible creations range from inventions to symbols and often require being an expert in specific fields, such as industries, the arts, or science (Wilson, 2016).

The World Intellectual Property Organization (n.d.) helps one understand the importance of protecting intellectual property. They have spelled out several reasons of this importance including inventing new works in technology and culture, which allows progress to be made that, can be utilized worldwide. In addition, the legal protection of intellectual property encourages the commitment of additional resources for further modernization. Finally, promoting and protecting intellectual property encourages economic growth. It creates new jobs and industries. Protecting intellectual property also enhances the quality and

Intellectual property represents ideas created by minds of humans that require certain rights for their use. Intellectual property gives companies a competitive advantage and attracts the attention of other business partners and investors (Lee, 2016). With such importance, it is necessary for the law to protect these ideas from being used by unauthorized individuals. To shield from this, trade secrets, patents, and copyrights are used to protect the ownership of intellectual property (Legal Information Institute).

Adequate enforcement of trademarks, patents, and copyrights are heavily relied upon by industries across the economy. Consumers also rely on intellectual property to ensure the safety and quality of products. The brand connotes a level of quality. Strong IP rights help consumers to make an educated, confident choice about the safety, effectiveness, reliability, and authenticity of their purchases. In addition, “IP-intensive” industries account for 18.8%, 27.1 million, American jobs as of 2010 and provide economic stability. IP workers earn about 30% more than their non-IP industry counterparts. The IP industry creates and supports high paying jobs and can drive economic growth. IP laws support innovation and enable companies to have an advantage over their competitors. Economies that do not maintain protection for innovation provide companies with no incentive to innovate. Innovation typically requires significant investment in research and development that they may not be willing to undertake if protections are not there. In developing countries that distribute counterfeit goods and have weak IP rights, the working conditions tend to be poor with low levels of pay, workers may be exposed to health and safety risks, and there is high

There is such a legal concept as "intellectual property". Intellectual property is defined as the creation of any intellectual innovation by an individual such as musical, literary, and artistic works; discoveries and inventions; and words, phrases, symbols, and designs. The law provides him exclusive rights to this innovation and is strictly against theft or plagiarism in any way. Innovators can safeguard their property by one or more of the following: copyright, trademarks, patents, industrial design rights and in some jurisdictions trade secrets.. Copyrights, patents, and trade secrets are each authored by different Offices. Each is based on the Laws of Commerce. (LII. Intellectual property). Cultural attitudes, in fact, esteem words and knowledge above that of certain other property, since knowledge is something that cannot be as easily duplicated as, for instance, an article of common furniture can. To illustrate the veneration that contemporary society accords intellectual invention, software is more expensive and valuable than hardware sink the

This paper analyzes the conflicts between the need of technology for creativity and innovation versus the legal aspect of copyright.

How important is an intellectual property right (IPR)? IPR protects the creator or inventor’s benefits, so that it stimulates the interest of innovation. According to United States Patent and Trademark Office (USPTO), the number of patent application has been increased over 450% from 1980 to 2010. It shows that people now are more concern about copyright issues. Although owners have the patent application, the violating of copyrights and patents are still happening all over the world.

One of the most useful aspects of the legal protection of intellectual property is the drive towards innovation that it inspires. This is traditionally accomplished through a monetary incentive that is a result of the exclusivity granted by a copyright or patent. The potential of being granted the exclusive rights for the creation and distribution of a potentially new and useful idea or technology is what drives people to create new ideas in a capitalist society. [4] By copyrighting software, software developers are encouraged to create new and exciting software because they have, at the very least, a monetary incentive to benefit from their work. Finally, copywriting software allows the creator to determine how his software is to be used. For example, software copyright has enabled licenses like the General Public License, which allows anyone to use the software without restriction, but requires that any modification of the software be “shared openly like the original.” [3] Clearly, the rights granted by legal protection of intellectual property have and will continue to promote innovation.

Firstly, with laws to protect intellectual properties, it prevent and stop other companies from commercially using the protected intellectual properties in the marketplace, allowing the owner company to control the usage of their original