How does intellectual property affect innovation?

How does intellectual property affect innovation?
It gets a little awkward when conversing with intellectuals who have carved out a niche for themselves in the field of business or those who are not technocrats but have the resources to call the shots. One minute you are just having a good time conversing, and what appears as selling your brand unconsciously, the next, you suddenly remember you may be reeling out too much information going by your audience.  

I tell you; many have had a similar tete-a-tete with captains of industry, only for them to observe their ideas have been monetized and no credits were ascribed to them. What a waste! 

What then would one do, appear stupid and not talk? Or talk and risk being sidelined from the pudding? This phenomenon will be discussed today under the topic of Intellectual property, likewise, would we consider its effects on innovation on the global level. 

What is Intellectual Property? 
Wikipedia best describes Intellectual Property as a category of property that includes intangible creations of the human intellect. While several intellectual properties could differ depending on the demographic, the widely mentioned ones are trademarks, trade secrets, copyrights, and patents. 

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Why is it called intellectual property? 
Ownership has been subtly termed as the acquisition of physical properties. If tangible properties can be termed "under ownership," then it isn't out of place to have intangible properties attributed to an individual as well. Therefore, it is called Intellectual property because it relates to the fact that certain products of human intellect should be afforded the same protective rights that apply to physical property, which are identified as tangible assets. 

Why are intellectual property rights important for innovation? 
To ensure that there is growth in the economy as a whole, the protection of intellectual property is essential for supporting innovation.  
The place of Intellectual property rights would serve as a sovereign shield that protects ideas and innovation, without which businesses and individuals may not realize their full advantages. If hampered, there would be no zeal to invest time in research and development.  

However, if intellectual property rights are enacted, artists will not be fairly rewarded for their work, poets, writers, authors, and other creators/innovators can be motivated to create more, which in the long run ripples to the economy’s growth, amongst other technological advancements. 

What are the 4 types of intellectual property rights? 
Intellectual property rights have been classed into 4 types which are: 
1. Patents
Patent law safeguards inventions against unauthorized use and grants exclusive rights to one or more inventors. There are three patents namely:
  • Design Patent
  • Plant Patent. 
  • Utility Patent. 
2. Trademark
Logos, sounds, phrases, colours, or symbols used by a corporation to differentiate its service or product are protected by trademarks. The Twitter logo and YouTube logo are both examples of trademarks. 

3. Copyright
The rights of the original creator of original works of intellectual property are protected by copyright law. Copyrights, unlike patents, must be enforceable. You can't, for example, copyright an idea. However, you can obtain copyright by writing down an original speech, poetry, or song. 

4. Trade secrets
Trade secrets are a company’s intellectual property that has economic value, carries information but isn’t public. Trade secrets could be a formula, recipe, or process used to gain a competitive advantage. 

How can we protect innovation and intellectual property? 
Patents can be used to protect intellectual property, which is a novel solution to a technological issue. By guaranteeing that an inventor may control the commercial use of their innovation, patents safeguard the rights of inventors whose inventions are really revolutionary and economically successful. 

It's critical to safeguard those ideas and developments through intellectual property protection. 

How can we protect the intellectual property law? 
So, while it is understandable to question the intellectual property law, one good way you can protect intellectual property is by utilizing more than one type of protection. 

1. Copyright can be used to protect product drawings. 
2. Create an entirely new working part and patent it.  
3. As a registered design, you may safeguard a product's distinctive shape. 
4. As a trademark, the name and logo should be registered.

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