What Is Intellectual Property?

Answer: Intellectual property is a property that is owned by an individual or an organization which can then choose to share it freely or to control its use in certain ways. It can

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.

C) intellectual property: Intellectual property is any piece of work that you have created yourself using your own intelligence and creativity. Intellectual property is protected by the law by patents, copyright, and trademarks, which protects the property of the holder by giving the

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

Intellectual property protects legal rights and ownership in the market place through ‘intellectual property rights’. This can include trademarks, copyright, industrial design and patens. These protect brand names, designs and inventions.

Intellectual property rights grant negative rights to the owner of such rights. Intellectual property is intangible property which serves to safeguard the interest of the owners from infringement. Intellectual property rights are deemed to confer negative rights because render to the owner the right to prevent others from using or exploiting his/ her property. There are basically four types of intellectual property, patents, trademarks, designs and copyright (Harvey, 2009).

The term “Intellectual property” is the ideas, words and the contexts created by someone that becomes that personal belong. Where “plagiarism” is claiming someone’s work or ideas as your own without giving appropriate acknowledgement to the author’s work (page. 225).

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).

Regarding regulatory concerns for instance, the fundamental self-reproducing nature of transgenic substances, particularly seeds, makes it rather difficult for traditional intellectual property rights to efficiently protect the proprietary interests of inventors and investors within the agricultural biotechnology space. Thus, the need for suitable protection and appropriation systems for new technologies, remains a principal challenge to sustaining rapid advances in biotechnology (Oguamanam, 2005).

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

“Intellectual property refers to creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names and images used in commerce” (United States Patent and Trademark Office, 2013). There are many ethical issues that have arisen in the business world today pertaining to intellectual property. Some people may not think that it is important to protect intellectual property however, the United States Patent and Trademark Office (USPTO) does just that. “Intellectual property is protected in law by, for example, patents, copyright and trademarks, which enable people to earn recognition or financial benefit from what they invent or create” (United States Patent and Trademark Office). Protecting trademarks and logos is important, as these things are rightfully owned by the person or company which created them. Many companies are known by their intellectual property, such as symbols, names and logos. It can also be very costly to have these artistic logos created, making it more frustrating when someone chooses to copy or ‘steal’ the logo and use it as their own.

There must be a balance between the developer of the intellectual property and the interest of the public. Intellectual property is already a big business among companies. Expanding the monopolies has the effect of allowing companies to negotiate and cross-licensing technology. Microsoft, as recently reported on the Wall Street Journal, is looking to expand the licensing of its technologies, after successfully licensing some video decoders to open source groups.

Rules of intellectual property are justified in this era of technology. Intellectual Property (IP) refers to the protection of creations of the mind, which have both a moral and a commercial value (European Space Agency, 2015).Usually, intellectual property rights give an individual a copyright over their documents and only the authors can produce or reproduce the work. Most work in the past decades was produced as books. The buyer has the right to own the book. The elements inside the book are, however, someone’s original work, and they should be protected. Most physical things have property rights, like buildings, cars, and pieces of land. The intellectual property law was written so as to differentiate the physical object from the literary work. An author needs to protect this literary work. In a bid to protect, sell, and make a profit from the literary work, creations, and imaginations, in Canada, these laws are enforced. The laws are patents, copyright, trademark

Intellectual property is critical to many companies in order to foster innovation and boosting their revenues. Many industries rely on the protection of patents, trademarks and copyrights as they are valuable assets for companies’ success. By protecting intellectual properties, it ensures that the original owner reaps full benefits from his/her ideas, features, products and creations.