Intellectual property, Unit 8 Intellectual property can be a treasure, but few use it to base their future on it. Our thoughts and ideas often hide knowledge and ideas that we can use wisely to establish our future.
By intellectual property, we mean the products of the creative mind: these include inventions,
literary and artistic works, signs, names, images, and forms used in commerce. It is a broad description of the set of intangible assets owned and legally protected by a company or person. It is a non-physical asset that a company/person owns. (Will, 2021)
The intellectual property enjoys legal protection, ensuring that the owners of inventions or other works receive appropriate moral and material recognition for their activities. According
to Will, K (2021), intellectual property should be provided the same protective rights that refer to physical property, which are called tangible assets. Most developed economies have legal standards in place to protect both forms of property. Our rights over these inventions are
called intellectual property rights, which are protected by law through patents, copyright, and trademarks.
In the United States, intellectual property is covered under the Intellectual Property (IP) Policy of the United States Patent and Trademark Office (USPTO). If a business wants to look up if their idea already exists, or if they want to learn the value or degree of individuality
or differentiation of the product compared to another, the business can visit the USPTO website. They are responsible for implementing active intellectual property claims and developing new rules related to intellectual property. (Universal class, n.d)
In conclusion, protecting intellectual property primarily serves to preserve the value, knowledge, invention, art, technology, discovery created by the creator to gain moral and material recognition. It strikes a balance and connection between the interests of creators who
create new solutions, innovations, and the public interest, to promote an environment based on the flourishing of creativity, initiative, and innovation.
References:
Universal Class, (n.d). Intellectual Property Rights Applied in Business. Universal Class. https://www.universalclass.com/articles/business/intellectual-property-rights-applied-in-
business.htm
Will, K., (February 28, 2021).
Intellectual Property.
Investopedia. https://www.investopedia.com/terms/i/intellectualproperty.asp
