Question

How important is intellectual property?

Answer 1

Answer:

In the recent decades, the knowledge economy (the sector of national the economy that is based largely on intangible assets) has grown substantially across the world (Baldwin, Gu and MacDonald, 2012). The economies of developed countries such as Canada and the United States are becoming increasingly oriented toward innovation, as the intangible share of economic wealth continues to grow and traditional sectors based on tangible goods are stagnating (Baldwin, Gu and MacDonald, 2012).

Intellectual property plays a paramount role in this continuously expanding sector. Nearly 90% of growth in the United States can be attributed to intangible assets, and much of that number is derived from the value of intellectual property involved (Shapiro and Hassett, 2005). The growth in the intangible sector is strongly correlated with the number of patent and trademark filings (Shapiro and Hassett, 2005). Further, the research and development sectors are dependent on strong intellectual property protections for their continued existence (Putnam, 2008).

Intellectual property, which includes works and inventions that are the result of creativity and original thinking to which the author holds ownership rights, has three main forms: patents, trademarks and copyrights. There are substantial advantages to the registration and use of each of those tools for large and small businesses alike, since they afford both legal protections and can be used to generate revenue. This article will provide a comprehensive overview of the benefits that intellectual property can bring to your business, as well as merits of registration

Answer 2

Answer:

Intellectual property protection is critical to fostering innovation. Without protection of ideas, businesses and individuals would not reap the full benefits of their inventions and would focus less on research and development.