INTELLECTUAL PROPERTY RIGHTS

Intellectual Property Rights

Intellectual Property Rights

Introduction

Intellectual property is a notion that is gaining popularity in the modern times. It is being recognised by the people, organisations and the society that more than the physical property, the intellectual property and assets hold importance in the success and development of an entity. The protection of this strategic asset is therefore turning out to be an important concern for the individuals and organisations. This paper is based on discussion of this growing subject that is intellectual property rights. The paper predominantly aims to cascade light on the rationales and basis for intellectual property rights and to assert whether the enforcement of intellectual property rights is necessary for inducing and promoting innovations or is it responsible for impeding and slowing the pace of innovations.

In the initial section, the paper explains in brief the notion of intellectual property and intellectual property rights. The paper then provides various rationales for intellectual property rights on the basis of the study of various literature and secondary sources. Several theories associated with the intellectual property rights are then discussed in paper. Eventually, the writer discusses whether the enforcement of the intellectual property rights induces or impedes innovation and creativity. The paper includes different views and theories by various authors to support the assertions provided by the writer.

Intellectual property

Intellectual property can be referred as any original creation by someone that is unique and is of value. This creation serves as an asset for the creator. Intellectual property can take numerous forms. Intellectual property includes any invention, the design of a product, logo or brand name, any self written or artistic work, entertainment content including music, videos and movies and computer software. The intellectual property actually belongs to the one who is responsible for its genuine creation (www.gov.uk). Thus, the creator of the intellectual property own that assets and is therefore the one who has all the rights associated with the utilization of that property.

Intellectual property rights

Intellectual property rights refer to the framework which is designed to protect the intellectual property of the creator. Intellectual property rights permits the creator of the intellectual property to protect his or her creation from illegal copying and usage. Intellectual property rights make the creator able to impede other people or entities to make use of the property created by him or her without consent. Intellectual property rights also enable the owner to charge the entity who uses his or her property with the consent of the owner as implied by the contract of use (www.gov.uk).

Intellectual property rights predominantly can be categorised in four categories, these are trademarks, copyrights, patents and design rights (www.copyrightservice.co.uk). The appropriate kind of protection for the intellectual property depends on the nature of creation (www.gov.uk). For instance, a copy right is used to protect the artistic works. On the other hand, patents grants intellectual property rights to the inventions. It is on the creator or inventor of the intellectual property to discern the appropriate kind of protection that is ...