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.
Business demands a return on its research and development effort to be successful and repay those investors of time or money thus…show more content… Protection through copyright is immediate and based on the author appending the copyright symbol to the documented work. Unlike copyrights and patents, trademarks and trade secrets are protected forever and not subject to the “limited time” restriction of the Constitution (Lau & Johnson, 2013).
While a trademark cannot be infringed upon at any time, if a trade secret is obtained through legal means it is no longer protected from use. With a patent, third parties are prevented from making, using or selling the invention thus protecting the funds used in the research and development (R & D)effort. This initial investment can be recovered and if the product is desirable, business success is realized for the property owner.
Modernizing Intellectual Property
Although the need to protect R & D investment is recognized, there appears to be a need to modernize the laws around intellectual property. What if the original patent owner is unable to continue development in a timely fashion, or chooses to withhold development of a product? Should the patent remain with the owner for the full amount of time if they are unable or choose not to produce an item that has a significant potential to improve lives, public safety or advance technology? What about