Intellectual property (IP) can seem like an odd concept, but it’s also a cornerstone of the free market. IP refers to ideas that you created, and thus belong to you. If viable, owning and embellishing this idea could change your life. This makes that project valuable. In order to stop people from stealing your creations, you need to protect your IP. This can come in many forms, including copyrights, trademarks and patents. Implementing this security has been a priority for decades, but it’s become more necessary lately. Here are four reasons why the protection of IP has risen in importance.
1. Improvement of Technology
While technology’s benefits have helped numerous people in all walks of life, it also has the ability to cause harm. In this instance, the improvement of technology has made it more difficult to protect your intellectual property. It’s practically impossible to place your creations in a physical safe and ensure total security, at least not anymore. In order to get anywhere with your ideas, you generally need to put some online. Unfortunately, by doing this you are giving hackers an opportunity to find and steal your property. In the last decade or so, hacking has become far more efficient and harder to protect against. Therefore, the precaution of an action like hiring IP attorneys is wise. If something is stolen, you can ensure that no one takes away your credit.
2. Increased Entitlement
As long as innovation has existed, the entitlement of nearly every population has increased. Despite what you may think, this isn’t necessarily a bad thing. Everyone is entitled to protection from law enforcement, but this wasn’t always the case. Entitlement can also refer to expectations as opposed to basic rights. When it comes to intellectual property, this feeling is linked to the expectation of access. Specifically, access to an infinity of online IP. If someone wants to hear a song, companies like YouTube have trained said individual to expect that it will be heard for free. Illegal streaming sites are making it possible to watch a wide range of films without paying. Unfortunately, the ease of finding these IP breaches has made such sites more popular than ever. Ergo, an increase in security would be beneficial.
3. Interest in Abolishing Patents
Lately, there has been an increased interest in getting rid of patents. This is in regards to products with quick markets and lowering costs, one example being software development. Some question the need to protect these forms of intellectual property. One reason for this is the belief that a single company will monopolize an entire field of innovation. Another is the view that such a fast moving market doesn’t benefit from property claims. Despite these arguments, the fact that having an idea first should make it yours still holds true. It is an essential component of the free market, and thus it needs to be protected. Therefore, the growing interest in abolishing patents necessitates a greater need to secure IP.
4. Need for Innovation
Despite the world’s current growth and overall development, particularly in technology, there are substantial problems that need to be addressed. COVID-19, increasing global warming and unstable international politics are just a few. In order to combat many of these issues, new creations must be made. Most prevalently, protections against the pandemic are sorely needed. The past has shown that the upholding of IP protection increases innovation. Creators become more enticed and competitive when such a large prize is at stake. This is particularly true when dealing with a company. You might be able to convince one person to work for a worthy cause, but most companies require a business-based reason for such innovation.
Intellectual property is easy to view as abstract and vague. However, it is key to innovation. Without the ability to own your creation, what’s the point in making anything? In a capitalist economy, this creative motivation must be provided. Now more than ever, the world needs originality.
