Benefits Of Intellectual Property

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Definition: The Oxford English Dictionary defines Intellectual Property as “chiefly Law property (such as patents, trademarks, and copyright material) which is the product of invention or creativity, and does not exist in a tangible, physical form” (OED, 3rd Ed. 2010).
Summary: We know that the economy is constantly changing with new business ventures, young entrepreneurs and an ever evolving world of technology at our fingertips. With this constant form of creative motion; individuals must establish certain precautions to ensure the safety of their marketable; but tangible creation of their mind. There are three forms of legal protection for individuals wishing to protect their inventions and creations. These are called patents, trademarks and copyrights. A patent is; “a grant from the U.S. Patent and Trademark Office to the inventor of a product, giving the exclusive right to make,
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72). Some details about this legal form of protection is that it is only granted to the true inventor, the product must be new; meaning it cannot have appeared anywhere else, in use or print. If one wishes to sell this product outside of the country, they must obtain a patent in each country they intend to conduct business transactions with pertaining to this product. In an article, titled “How to protect better intellectual property”; the authors, Tenaglia & Ventura, claim that patents are put in place to “promote the scientific and technological process” (Tenaglia & Ventura, 2010, p. 393-394) and without this form of protection not enough time and money would be converted into the

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