Intellectual property is the result of the creativity such as patent, trademark and copy right which helps company or owner of the intellectual property rights from its misuse. This essay shows the imperativeness of the intellectual property rights and challenges and issues faced by the owners of the intellectual property rights from the ill-intentioned persons. This essay gives the through details on the intellectual property rights which could be used to restrain the infringement.
There are several intellectual properties which could be used by organization and persons to run the business effectively. Intellectual property can be defined as the category of property in which the creation related to the intangibles made by the human being lie. Intellectual property is nothing but the inventions and innovations made by the human mind to make the work easy. This essay focuses on the issues and challenges of the intellectual property rights and policies and laws to protect these rights from infringements. It is the type of support which keeps the business different from those of others in market. These human intangible creations include the trademarks, patents and copyrights. There are many other creations also which includes moral rights, trade secrets, and rights against unfair competition and publicity rights (Melnyk, Bititci, Platts, Tobias & Andersen, 2014).
Intellectual property plays an important role in a business as it tries to increase the assets of the company. On the other hand, intellectual property helps in constituting the most valuable assets in the early phase of the companies or businesses. The businesses care about the IP very effectively as they get the competitive advantage and freedom to operate in the market without the fear that anyone can copy the idea or theme (Becerra-Fernandez & Sabherwal, 2014). This intellectual property rights should be kept safe and secure by company to keep its business distinguishes and secure from others.
Intellectual property plays an important role in managing properties and other things. Nowadays, many entrepreneurs are playing the important role in intellectual property rights. New business and franchising are getting a hike in the market. On the other hand, entrepreneurs are the one who initiates new and innovative ideas in the market (Kurpinski, et al. 2014). So there is always a need to protect them and all their ideas can be protected by using intellectual property rights. But entrepreneurs are facing the problem in implementing their ideas in the market. As they are copied or replicates by the third party and various other issues has been faced by the entrepreneurs (WIPO, 2018). Many big multinational organizations are using intellectual property rights to create brand image in market.
But there are certain issues which are also faced by business houses while using intellectual property. The reason for the complexity of the intellectual property is that the intellectual property law is a serious business. Any blatant infringement can result in serious consequences. These consequences include the harm financially or to the image or reputation of the business. Another reason for the complexities of the intellectual property is that it makes under the jurisdiction of federal law which makes the work and process complex (Dionne, 2018). The common issues which are faced by the entrepreneurs in the country include:
Patent are an authorized license given by the government for a set period of time, especially the sole right has been given to the owner. This sole right excludes the right to sell or offer to sell to another person till the period the patents has been purchased by one party. A patent can only be used by the one person at a time. The owner does not have the right to sell or offer to sell the patents to other people. Patents include all those materials which are created or innovated by human beings. Patents can be made on the machines, manufactures, process etc. (Agropedia, 2018). It is taken by complying with the applicable laws under the patent registration act (Kurpinski, et al. 2014).
The security issue has been a common problem in which the as it has to be done within one year from its commercial use. The patents require the disclosures related to the advantage over competitors (Mason, 2017).
Other issues faced in the patent include that the person who has first filed for the patent must be given the patent only. No other party can claim the patent right even if the patents belong to them. The US uses the “First to Invent versus First to file” system. The patent can be filed only by the individual (Agropedia, 2018).
The common issues faced in the patents include accessing the genetic resources and benefit sharing cannot be done by the entrepreneurs. In this type, patents genetic resources are encountered in nature as they are not the creation of the human minds and thus they cannot be protected as the intellectual property under the law as they have not fulfilled the basic patent condition. (Sparrow, 2016). Another issue faced by the entrepreneurs in getting registered the patents is competition and patents. Every entrepreneur faced the problem of competition and fear of their product to be copied (Fernandes, Soares, Gomes, Freire & Inácio, 2014).
Another example in the intellectual property can be taken is of the trademarks. Trademarks are a distinct name, word, device or a symbol used to identify the source of goods and services. It is used by companies and business entity to keep the business distinct from those of others in market. The recent issues faced in the trademark are of the innovative trademark trolling just like as of the patent (Kurpinski, et al. 2014). In this issue, many businesses try to attempts to register the trademark without the intention of using it. This bluff is done to earn the profit by threatening the other person who uses that trademark without taking any permission. This issue is found to be common nowadays and people use it in a negative way just to earn a good amount of profit (Agropedia, 2018).
Another issue that finds common in the trademarks is related to the duplicates made in the mark. The minute differences in the mark should be checked by the authorities. Nowadays, many people make their business of selling the replicas in the trademark. In other words, the challenge of closing counterfeiters has been arising in the market. This issue gets famous in the international economy and has given the birth to piracy in the arena of trademarks. This issue can harm the assets or freeze the orders or domain name seizures (Mittelstadt, & Floridi, 2016).
Another issue faced in a trademark is related to global enforcement. In this issue, an entrepreneur’s face the problems of registration, as registration period will differ in the country to country and the difference in the law will also be there. Due to this, worldwide operations have been diluted (Fernandes, Soares, Gomes, Freire & Inácio, 2014). (Agropedia, 2018).
Another biggest issue faced by the entrepreneur when entering into the market with new or existing trademarks is the social media. Social media has the power to risk the mark or shoes the downside of the market. The effect of the social media cannot be ignored by the entrepreneurs as it is a tool which makes the mark as most popular in the market. The social currency of our society has been taken a hype in the market and is being digitized at a high level, even from the legal perspective (Manzini, & Lazzarotti, 2016).
Also, the effects of social media reactions to marketing the products have significantly had a direct impact on the business ability to earn the profit as well as image. Social media has the ability to put down the image of the business and its trademark down on the road. Due to this reason, the entrepreneurs and many businesses have to take care of the social media and their networks (Payumo, Arasu, Fauzi, Siregar, & Noviana, 2014). It is analysed that Transparency and awareness on international level related to IPR may help in safeguard IPR globally through the sharing of information and best practices and the education of consumers.
Copyrights can be defined as the original work of the author. In copyrights, exclusive rights have been given to the owner or author to reproduce, distribute or show the creative works. The author has the right to make the copies of the work, distribute the copies and show their work publicly. The modifications can also be made by the author in their work or have the right to translate it to the other media. The content is considered copyright only when the work must be original and should be expressed in the original medium (Agropedia, 2018). In copyrights, the common issues that have been raised are related to the plagiarism. In this issue, the data can be copied by anyone without taking permission from the real author. This copy of the material cannot be checked and controlled by the author of the data. Many ideas, writing or music have been copied has been found.
Another issue faced by the entrepreneurs in copyrights is the issue of ownership. The whole ownership right cannot be transferred to the third party, only the material or data can be transferred in which the third party does not have the right to do the modification. Buying of copyrights does not give the right to alter, copy or display it publicly; permission should be taken first from the real creator (Kurpinski, Johnson, Kumar, Desai, & Li, 2014).
There are several benefits of having the intellectual property rights which are given such as it enhance the market value of the business, it turns innovative ideas and creative work into the profitable venture, it helps in keeping the business distinguish and different from those of others in market, it enhances export opportunities for the business, there are particular IP rights and work programs are set to strengthen the business outcomes, it is considered that while some copyrights are automatic but there is particular process which needs to be followed by the owner of the intellectual rights
Actions to mitigate the issues and challenges faced by the owners of the intellectual property rights
The owner of the intellectual property rights should set IPR protection pillars which will focus on the supply chain integrity, transparency ad awareness, data and analysis and set coordination. These all four pillars help in strengthen the IPR protection and sets guidelines to restrain the infringement by the ill-intentioned users. IPR protection requires global approach across four pillars which could provide enhanced IPR protection. However, in every country, IPR owner should register its IPR with the international regulatory requirements. However, it is found that governments with strong regulations, enforcement agencies, and border management alongside IPR owners with secure supply chains can facilitate a more prosperous and protected economic trading system (Dionne.2018).
Conclusion
From the above discussion, it can be concluded that the intellectual property is the intangible creation by the human mind which is done to produce or invent something new which makes the work easy. These innovations are done by the entrepreneurs in the market but are facing many issues in relation to the intellectual property. Issue related to the infringement and registration of intellectual property rights. As discussed above, major issues include the fear of replica in the trademarks, patents and copyrights. Therefore, the crux of this report is that, if company or any business organization wants to save its intellectual properties then it needs to get all these intellectual rights registered as per the laws and regulations. It will help in keeping safe and secure from infringement and violations. Possibly all the related issues with the intellectual rights have been given which reveals the challenge and conflict which the owner of the intellectual rights could face. These rights helps company to grow for the longer time and registration of these rights help organizations to restrain others from the infringement of these rights.
References
Agropedia. (2018). Intellectual property rights: issues and concerns [Online] Retrieved from: https://agropedia.iitk.ac.in/content/intellectual-property-rights-issues-and-concerns
Becerra-Fernandez, I., & Sabherwal, R. (2014). Knowledge management: Systems and processes. Oxon: Routledge.
Dionne.G. (2018). Social Media Legal Issues: Copyright, Trademark, and other Intellectual Property (IP) issues [Online] Retrieved from: https://www.invigorlaw.com/social-media-legal-issues-post-number-5-copyright-trademark-and-other-intellectual-property-ip-issues/
Fernandes, D. A., Soares, L. F., Gomes, J. V., Freire, M. M., & Inácio, P. R. (2014). Security issues in cloud environments: a survey. International Journal of Information Security, 13(2), 113-170.
Kurpinski, K., Johnson, T., Kumar, S., Desai, T., & Li, S. (2014). Mastering translational medicine: interdisciplinary education for a new generation. Sci Transl Med, 6(218), 218.
Manzini, R., & Lazzarotti, V. (2016). Intellectual property protection mechanisms in collaborative new product development. R&D Management, 46(S2), 579-595.
Mason, R. O. (2017). Four ethical issues of the information age. In Computer Ethics (pp. 41-48). Oxon: Routledge.
Melnyk, S. A., Bititci, U., Platts, K., Tobias, J., & Andersen, B. (2014). Is performance measurement and management fit for the future?. Management Accounting Research, 25(2), 173-186.
Mittelstadt, B. D., & Floridi, L. (2016). The ethics of big data: current and foreseeable issues in biomedical contexts. Science and engineering ethics, 22(2), 303-341.
Ohkita, K., & Okura, M. (2014). Competition and coordinated investment: protecting Japanese video games’ intellectual property rights. International Journal of Business Environment 4, 6(1), 92-105.
Payumo, J. G., Arasu, P., Fauzi, A. M., Siregar, I. Z., & Noviana, D. (2014). An entrepreneurial, research-based university model focused on intellectual property management for economic development in emerging economies: The case of Bogor Agricultural University, Indonesia. World patent information, 36, 22-31.
Sparrow, A. (2016). Film and television distribution and the Internet: A legal guide for the media industry. Oxon: Routledge.
WIPO. (2018). Intellectual Property Issues in Exporting [Online] Retrieved from: https://www.wipo.int/edocs/mdocs/sme/en/wipo_smes_co_11/wipo_smes_co_11_ref_theme_12_01.pdf
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