Intellectual Property Net Exam Paper – III

  Intellectual property is a key driving force for growth in many companies and economies today, as the different types of intangible assets of a business are often more important and valuable than its tangible assets.

The World Intellectual Property Organization (WIPO) defines intellectual property (IP) as “creations of the mind: inventions, literary and artistic works, and symbols, names, images, and designs used in commerce.” More specifically, intellectual property refers to a broad collection of rights relating to such matters as works of authorship, which are protected under copyright law; inventions, which are protected under patent law; marks, which are protected by trademark law; as well as trade secrets, designs and other related rights. It is important to note that these forms of intellectual property are very different and the protection afforded under them serve different purpose

Intellectual property rights (IPRs) provide a basis for businesses to:

• prevent others from copying their products or using their innovations – this is particularly relevant in today's competitive markets;
• create a strong brand identity through product differentiation drawing on the strategic use of one or more types of IPRs;
• obtain valuable competitive intelligence.
• gain revenues through licensing, franchising or other IP transactions;
• obtain financing or venture capital – IP assets that have legal protection and can be valued and leveraged to obtain capital;
• increase their commercial value;
• access new markets;
• engage in different types of business partnerships – IP rights provide a basis for collaborative partnerships, e.g. in research, marketing, open innovation, outsourcing etc.;
• ensure freedom to operate
• segment geographical markets