There is a myriad of issues that surround intellectual property. One of the most primary aspects is the theft of intangible ideas by an individual or an organization. This is an ethical dilemma that has been on the increase in the past. Due to rampant cases of theft and other related scandals, there has been a need for the necessary stakeholders to come up with avenues to protect such ideas.
Regardless of the cost that comes with the protection of intellectual property, such an undertaking is highly necessary for a few reasons. First of all, by patenting an innovation or an idea, it is possible to prevent counterfeiting by a considerable percentage. This way, one can gain monopoly while at the same time being able to protect the brand of his or her product. This does not only allow one to reap the benefits of hard work, but it also encourages individuals and organizations to improve products and services through continuous innovation. Besides, such protection provides a level ground of action for both small-scale businesses as well large ones. As a result, the protection of young industries in developing economies ensure diversity in terms of the types of businesses in an economy. In the long run, economic development is likely to be evident. Also, due to the fact that protection of intellectual property extends to include safeguarding business assets, such an undertaking goes a long way to ensure business goodwill (Dosi, Giovanni &Joseph, 2014). The above is likely to come by when an individual uses tools such as provisional patent to safeguard the blueprint of the product or idea before releasing it fully to the market. Here, it is possible to attract not only investors but also long-term business partners who are likely to help one commercialize the given idea.
Delegate your assignment to our experts and they will do the rest.
There are several ways on how to protect intellectual property. The approach chosen should, therefore, suit one’s needs as well as his or her overall long-term objectives. Patents, trade secrets and trademarks are a few formalities that can be invoked so as to protect one’s intellectual property (David, 1993). A patent can be described as a legal recognition of ownership over an idea. There are different types that can be applied, depending on the type of protection one needs. A utility patent is the most common, and it protects the manufacturing, selling as well as other related activities in connection with to an innovated property. Other examples include design and plant patents. A trademark is a unique sign that can be used to identify a particular product or service and hence, protect it from duplication. The above is one of the simplest ways of protection as it involves simple registration steps. Copyrights, on the other hand, protect different products such as technology-related ones and arts. Such an undertaking grants only the original owner the right to make modifications to his or her original work. Trade formulas is another way that a business or an individual could protect his or her innovation. Examples of such include soda formulas, customer lists, survey results and computer algorithms. They constitute a set of secrets only known to the company in question. Taking care not to disclose such secrets ensures no duplication of the ideas happens. Other than the above strategies employed in the protection of property, there are other less costly and useful ways to protect intellectual property. Examples include encryption of one’s discovery, observing other related security measures and obtaining ideas from an attorney.
To some extent, intellectual property laws do not go too far. Bills become enacted laws after a long process of scrutinization. Besides, they are not just a set of standards decided and passed by a single individual. In many countries, although legislators are the ones likely to draft such bills, their objectivity has to be proved by other independent bodies such as the court system. Also, there are standards that are followed in the formation of such laws(Fromer, 2015). As a result, due to the standards that the legislations have to meet, it can be said that they do not go too far in most cases. In addition to this, all intellectual property protection varies depending on the aspect to be protected as well as personal preferences. Due to a variety of ways that can be sought, the alternatives make the whole system balanced in that one is not forced to use a method that he or she perceives to be extreme. Although the above is the contention related to different protection aspects, it is possible that others think of the method to be extreme especially in modern approaches such as the use of an algorithm to protect one’s technological related innovation. Regardless, there is no too much when one has to protect an idea or undertaking that has cost them resources to develop.
Most if not all products are developed with the aim of commercializing it or solving a pertinent problem that exists in the general public. In all productions, hence, a balance is achieved by the production of an idea or product that is attractive and is of more benefits than disadvantages to the general public. This way, the product will eventually gain an audience, an aspect that is the main aim of the producer’s objectives. The above aspect, one that can most likely be likened to the rule of nature, hence, serves to bring about a balance between the properties of the content produced and the public good. Regardless, there is a high necessity for productions to be regulated by the necessary government related bodies to ensure all productions are done with the public interests at heart. An example is Myriad Company which was given a patent on testing individuals of their risks to contract cancer but their undertakings were not to the best of the general public. This forced the government to withdraw the patent later on (Dosi, Giovanni &Joseph, 2014).
References
David, P. A. (1993, February). Intellectual property institutions and the panda's thumb: Patents, copyrights, and trade secrets in economic theory and history. National Academy.
Dosi, G., & Stiglitz, J. E. (2014). The role of intellectual property rights in the development process, with some lessons from developed countries: an introduction. Intellectual property rights: Legal and economic challenges for development , 1 , 1-55.
Fromer, J. C. (2015). Should the Law Care Why Intellectual Property Rights Have Been Asserted. Hous. L. Rev. , 53 , 549.
