Intellectual Property ( Ip ) Is Everywhere

An effective system of intellectual property is important in facilitating innovation as well as economic growth within a country and across all its borders (Davidson, Monoti, Wiseman, 2012). The current global economy is concentrating more in the invention of ideas that are original, other than in manufacturing of machines. To enhance and protect these ideas, there ought to be effective intellectual property laws. The government of Australia has prioritized the protection of original ideas from individuals through copyright, patent, and trademarks among other intelligent property laws, which give the inventor a temporary period to enjoy the financial benefits of his or her original idea. The major purposes of intellectual property laws can be contested; therefore, they create areas of interest for

Intellectual Property refers to creations of the mind, such as inventions; library and artistic works; designs; and symbols, names and images used in commerce. It is any product of the human intellect that the law protects from unauthorized use by others. It is comprised of four categories: patent, copyright, trademark, and trade secrets. Patent gives the inventor the right to exclude others from making, using, importing, and selling the patented innovation for a certain amount of time. A patent can be granted the inventor if they file an application in a timely manner. Most inventors seek a patent to obtain the actual or potential commercial advantages that go along with the right to exclude others. Copyright protection gives the right to reproduce, distribute, perform, display, and license things such as music, motion pictures, writings, architecture, and other original intellectual expressions. Trademarks are words, phrases, names, slogans, logos, and symbols used by producers to identify their goods and services. As for trade secrets, to determine whether information creates a trade secret, there are six factors that need to be considered: The extent to which the information is known outside the claimant’s business, the extent to which it is known by employees and other involved in the business, the extent of measures taken by the claimant to guard the secrecy of the information, the value of the information to the business and its competitors, the amount of effort or

Recently, Congress and the courts in the United States have been active in reining in what many have seen as patent system that has run amuck. In the process, they have placed a number of limits on patent holders’ ability to effectively and successfully enforce patents. But as opportunities to enforce intellectual property through patent suits have been narrowed, another IP door appears to be opening.

With all the groups mentioned above, intellectual property protection and stricter copyright laws are being discussed, which is a step forward in the right direction. The more these organizations reach out to inform others that intellectual property protection is imperative, the more minds will be had in building ideas for a better tomorrow. The biggest question is why should the average individual care about the protection of intellectual property? The answer is, everyone should strive together as human beings to protect each other’s ideas, creations, and fortunes. If that is not a good enough reason to persuade the average individual, then maybe protecting the loss of money from intellectual property theft is. The economy is constantly in the news and the nation 's debt is a big concern to millions of Americans. If the United States’ bank account is a big concern, then people should be worried or at least interested in the progress of intellectual property protection. The United States’ financial problems cannot be fixed with the successful implementation of intellectual property protection, but it is a positive place to start.

A patent can be defined as “a legal document granted by the government giving an inventor the exclusive right to make, use, and sell an invention for a specified number of years.” 1 These special rights are given to the inventor as a means of incentive to further advance technology. The origins of patents are unknown, though the distinction of the longest continuous patent system belongs to Great Britain. The British patent system originated in the 15th century, when the Crown first started dealing with the granting of privileges to manufacturers and traders. The earliest known British patent was issued in 1449 for a method of making stained glass.2

Intellectual property are the legal rights (control and ownership) of creations, such as ideas; inventions; designs, etc. for the use in commerce (Bainbridge, 2012). Intellectual law in countries seeks to deter individuals or organizations from copying or capitalizing upon another’s work. The main areas protected by protect intellectual property law include: patent, copyright, trademark, and trade secret. Intellectual Property can be categorized under the following:

Stiglitz (2008) argues that the success of the global economy and the process of Globalisation depends deeply on how the production and rights of knowledge are regulated. In 1995, a large step was taken in securing this free market trade in the global economy through what is known as the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) (WTO, 2014).

Summary: Part of the problem with intellectual property is clearly defining its value. In fact, many countries to this day bicker when defining their intellectual property laws and the extent to which any type of intellectual property should be protected. There have not been any studies conducted in the last 20 years on the actual value of intellectual property, which makes it even more difficult for countries to define. After sampling United States and Foreign companies, it can be concluded that the greatest measure of intellectual property value is the overall investment that has been placed within the company since the invention of that information. Additionally, the greater protection a country offers for intellectual property, the more foreign businesses will enter the country.

Intellectual Property (IP): signifies creations such as inventions, literary/artistic works, designs and symbols, names and images used in commerce. IP is protected in law, whereby companies or individuals can own patents, copyrights, and trademarks, which enable people to earn recognition or financial benefit from what they invent or create. The US agency responsible for administering IP rights is the Department of Commerce US Patent and Trademark Office (USPTO) and is responsible for issuing patents to inventors and businesses for their inventions, and trademark registrations.

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.

IP is protected by law through patents, copyright and trademarks, this enables people to profit of other peoples work. IP aims to create an environment where creativity and innovation can aspire fairly.

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

“The protection and enforcement of intellectual property rights should contribute to the promotion of technological innovation and to the transfer and dissemination of technology, to the mutual advantage of producers and users for the technological knowledge and in a manner conducive to social and economic welfare, and to a balance of right and obligations.”

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

Copyright was incorporated to promote advancement of knowledge and to protect the right of the inventor, yet the law’s interpretation to the present society is doing the exact opposite. Intellectual Property consists of two systems in protecting your ideas and inventions, copyrights and patents. Patents are usually used for creators or inventions while copyright is more of expression or ideas like music, movies, etc. The intellectual property, copyright and patents placed in nowadays are causing a big issue and are not doing the original laws justice. The first amendment prohibits abridging the freedom of speech (1st Amendment Bill of Rights). Based on what the first amendment allows us to do, individual should not be prevented from exercising that right. Intellectual property, copyright and patents are causing the very problems they were created to prevent. Companies are misusing these rights for their own economic advancement. Kembrew Mcleod made similar arguments in his piece, Freedom of Expression: Overzealous Copyright Bozos and Other Enemies of Creativity. There has to be middle ground within these laws so that issues do not arise.