Advantages of Intellectual Property Essay Example | Topics and Well Written Essays - 1000 words

Advantages of Intellectual Property - Essay Example Firstly, it provides a legal protection against unscrupulous business owners who would wish to use ones idea and goodwill under someone or a business name. Certainly, the concept of property right rights is not a new concept in business laws. The use of trademarks such as logos, color codes and pictures by two different businesses has been a center of controversy that has resulted in numerous lawsuits (Stim 67). For instance, of the 23 cases on intellectual property that were filed in U.S courts 2005-2013, a total of 15 were decided in favor of the suit (Stim 69). Certainly, in an environment where the courts open orders retention of ideas to the original firm or person, it shows the effectiveness of the laws against duplication. Patents protection refers to the prevention of ones idea from being used by a second property without the owners knowledge or compensation. For entrepreneurs, the idea is a business and the need to protect it is as important as protecting a business. With increased competitive market demands, there is certainly increased tendencies duplication of another business. The patent laws offer protection against such unethical tendencies. Secondly, the protection of patents helps to enhance creativity in the economy through discouraging armchair duplication of already existing enterprises. While the laws of Intellectual Property (IP) may appear selfish and sometimes too harsh, the impact on the U.K economic growth has been tremendous.The IP-intensive industrial operations have consistently shown that stringent laws against ideas duplication has spurred creativity and subsequently economic progress. Notably, in 2010-2011 following the economic crisis in U.S, there was a 1.6% increase in employment in IP-intensive industries as compared to 1% in IP-non-intensive industries. In addition, by 2011 there was a remarkable increase in exports from IP-intensive