Intellectual property is defined as the
commercially valuable product of the human intellect, in a concrete or abstract form, such as a copyrightable work, a protectable trademark, a patentable invention or a trade secret, including the rights of creative workers in literary, artistic, industrial and scientific fields which can be protected by copyright, trademark or patents.
In this article from the International Chamber of Commerce, we learn just how important the protection of intellectual property rights are for strengthening economic growth, driving innovation and technology, fostering new ideas, and enhancing society and culture.
Why is the protection of intellectual property (IP) so important for business? The article cites several reasons:
- IP protection benefits global and national economies and competitiveness.
- Intellectual property protection is also a vital incentive for innovation, new inventions and creative works, and for company growth.
- IP protection helps small and medium enterprises (SME) grow, not just larger companies. SMEs that rely on IP of all sorts reported higher growth, income and employment than those that do not – in some cases as much as 20% more.
- IP protection benefits consumers and society by providing consumers with innovative products and services.
Intellectual property protection can range from registering a logo and slogan for trademark protection, applying for a patent for a new invention, filing for copyright for a book or music composition, or protecting contractually trade secrets and confidential information. Protection also means policing the marketplace to make sure that others aren’t infringing on your IP rights.