The Unfathomable Importance of Intellectual Property in Today’s World

Nowadays the phrase “value for ideas” is thrown around a lot. It means that people are increasingly valuing incredible ideas more than the ability to implement them. Surely, implementing has its own roadblocks, but it has a more or less set pattern, which can be used. However without an idea, there won’t be anything to implement. Therefore, intellectual property is of prime importance in today’s world.

More about IP:

IP entails two kinds of rights; copyright and industrial property rights, namely patents, industrial designs and models, trademarks and designations of origin. The term “intellectual property” came into use in the 19th century, and was popularized in the late 20th century. The main reason why IP laws were laid down were to facilitate the creation of  large number of intellectual goods. This law gives people exclusive rights to the intellectual goods that they have created, for a stipulated period of time. This allows people to benefit from their intellectual goods, adding an economic incentive for them. These economic incentives excite people to innovate and make a contribution to the technological prowess of countries.

Protection of IP:

A major problem with the protection of IP is its intangible nature. This makes it especially difficult to prevent IP theft. Unlike tangible property, this is “indivisible”, which means potentially infinite number of people can use it and it won’t diminish even one bit. Appropriation, slight modifications to IP resulting in “new” IP capable of being sold at a lower rate, is another major problem.

World leaders will have to balance rights so that people can keep creating intellectual property without any fear, and others will be able to use it widely without any hassles. This is the utopia the field of IP is searching for.