What is the value of Intellectual property?
Let’s us first define intellectual Property. According to the World Intellectual Property Organization (WIPO), “ Intellectual property (IP) refers to creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names and images used in commerce”. Therefore, intellectual property is the product of our creative minds.
IP is protected in laws and rights. The forms of intellectual property like patents, copyright and trademarks are being emphasis in a way people/author would earn recognition or financial benefit from what they invent or create. By striking the right balance between the interests of innovators and the wider public interest, the IP system aims to foster an environment in which creativity and innovation can flourish. (WIPO, 2018)
Intellectual property is very important in the world of media and product. It helps the authors/creators get benefits from their works. It gives them full compensation for their creations. IP is also counter infringement. “IP infringement is any breach of intellectual property rights where a work protected by IP laws is used, copied or otherwise exploited without having the proper permission from a person who owns those rights” (European Union, 2011). With the empowerment of this right, creators acquire the authority to protect their masterpiece. It grants them the full rights of their works.
It benefits the branding, product and ideal (Bridges, 2012). First, the branding or the elements of your brand, from your company name to your logo can be subsumed and eroded. IP defends it from damage perceptions in the market of quality, products, and reputation. In short, it maintains the market price of the creation. Second, investments that made developing technologies may be compromised. For example the inventions, with patents and other legal terms, the maker can monitor the distributing, manufacturing and developing of his/her product. Third, IP protects original contributions to the thinking around the world of media. For example the copyrights of book ensure proper attribution it.
We should be thankful that our law provide this kind of things because without intellectual property laws, there will be wide variations of plagiarism, information overload, infringement, piracy, counterfeiting & stealing of personal ideas.
References:
http://www.rudebaguette.com/2012/05/31/the-importance-of-intellectual-property-protection/
https://www.iprhelpdesk.eu/kb/3188-what-ip-infringement
http://www.wipo.int/about-ip/en/