The Impact of Intellectual Property Protection on Inventiveness

Doing something new with a product, process, or service simply means innovation. In simple words, it is basically about successfully implementing a new idea and creating something valuable for your customers and stakeholders.

However, the real challenge arises when these innovations are not protected. One can easily duplicate or steal your creation without you being authoritative enough to question it. This is where intellectual property law steps in. It tends to serve as a powerful source of inspiration for innovators as it offers them the assurance that their ideas will be safeguarded and rewarded as well.

It’s 2023. The inventions in every space are endless. With the onset of Artificial Intelligence (AI), which is an innovation in itself, there is no full stop to possibilities. Think for yourself. When was the last time you didn’t rely on AI for some or the other thing? From writing to designing to picturing ideas, you name it, it has it. This significant force in every sector has grown and helped the universe grow quickly by improving productivity and simplifying processes.

As per a recent report, the size of the worldwide AI industry is predicted to hit a staggering $1,811.8 billion in the fiscal year 2030. Therefore, in a rapidly evolving world where innovation is the ultimate key, protecting intellectual property has never been more important.

The Role of IP Protection

• Enhances the market value

To improve the market share of your product as well as its profits, IPR is essential. It helps you generate business via the licensing, sale, and even commercialization of the products and services protected.

• Turning ideas into profit-making assets

Once registered under intellectual property rights, ideas can easily turn into commercially successful products or services. Keep in mind that copyrighting or licensing the patents can lead to a steady stream of royalties and additional income as well. This transformation of law has given the innovators a sense of confidence.

• Access or raise capital

If you want to monetize for debt financing, you can easily do it via sale, licensing, or by using IPRs as collateral for it. The IPRs can be used as an advantage while applying for government funding like grants, subsidies, and loans.

• Encouraging innovation through patents

Patents are a fundamental form of intellectual property protection that grants inventors exclusive rights to their inventions for a specified period, usually 20 years. This two-decade period gives them a motivation to invest time, resources, and effort into research and development.

Why is IPR essential for inventiveness?

The ‘exclusivity,’ which every innovation looks for, comes with the laws of Intellectual Property (IP). Always keep in mind that there is no law that can stop an individual from duplicating someone else’s innovation if, by any chance, IP is not filed.

Furthermore, it falls upon the owner to prove the ownership of the IP in a court of law if the IP is unregistered. If a trademark remains unprotected, the court cannot help the inventor, as it is not possible to claim ownership and/ or sue for infringement.

The exclusivity of your innovation is provided only and only through IP systems and commercialization of intellectual property laws. Although it is not mandatory by the law to register an IP, it gives the inventor ownership proof, enabling them to enforce IPR in a court of law if deemed necessary.

As per the recent reports, India planned to push for a waiver of intellectual property rights (IPR) in the G20 Summit for technologies related to green energy and energy transition to bridge the technology gap across countries.

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