Intellectual Property Rights Defined, The Social Purpose Of Intellectual Property Rights, Why Companies Should Protect Their Intellectual Property Rights, And Benefits Of Intellectual Property Rights

by Harrison Sachs

This essay sheds light on the social purpose of intellectual property rights and why companies should protect their intellectual property rights. Additionally, the definition of intellectual property rights is delineated and the benefits that intellectual property rights offer companies are highlighted in this essay. “Intellectual property rights are the rights given to persons over the creations of their minds. The main social purpose of protection of copyright and related rights is to encourage and reward creative work Industrial property can usefully be divided into two main areas, trademarks (which distinguish the goods or services of one undertaking from those of other undertakings) and geographical indications (which identify a good as originating in a place where a given characteristic of the good is essentially attributable to its geographical origin)” ("What are intellectual,"). By protecting their intellectual properties, companies gain exclusivity rights over their intellectual properties and can ultimately potentially maximize their profitability as the primary licensor over their intellectual properties. This also presents the company with a lucrative opportunity to earn royalty payments from their licensees who leverage the company’s intellectual properties to draw forth sales. Also, exclusive logos, trademarks, products, advertisements, patents, websites, and exclusive services are necessary for companies to own in order to differentiate themselves among their competitors and remain extremely profitable in a global market.

10 pages, Kindle Edition

Published March 5, 2019