Intellectual Property Rights and It’s Importance
Intellectual Property has gained momentum in the past decade but very few are aware of its actual meaning and purpose. For example, when you see logo of any company like Burger King or KFC some have a “®” with their logo and some have “™” symbol. Some people will say that these symbols relate to trademarks, but very few people are aware that “®” is used when the trademark is granted whereas “™” is used when the application for registration of trademark is still under process. It is now need of the hour for people to have knowledge about what Intellectual Property is and why is it so important.
Gloria Estefan once said that “The Internet has been a blessing and a curse. The curse we know: A lot of people appropriating your intellectual property without paying for it. But I think it's important to realise the blessing of the Internet, which is that everybody has a voice and you can break through, even without a record company.” The internet has given us a platform to create things that we want and share it with world, but there are certain drawbacks attached to it as well. Imagine a person creating a song and uploading it on internet, that song doesn’t gains the momentum and isn’t heard by a lot of people, but later on that song gets copied and is then released by a big music company and that company starts gaining profit by the sale of that song which wasn’t even their original creation. For such instances there is a rescuer “intellectual property rights”.
According to WIPO intellectual property is the creation of the mind: inventions; literary and artistic works; and symbols, names and images used in commerce. This intellectual property can then be further divided into two categories a) Industrial Property and b) Copyright. Industrial Property includes patents, trademarks, industrial designs and geographical indications, whereas Copyright includes literary works, dramatic, music, artistic works and architectural design.
In general terms intellectual property rights can be understood as any other property right a person has. They give the creator or owners the right to be benefitted from their property. For examples Intellectual property right is just similar to the right a house owner has. He may or may not allow any person to enter into his house. He may sell the house, rent it or lease it to someone. Similarly, a creator or owner of intellectual property can obtain monetary or other benefits by providing their creation or invention to any other party; he may or may not want to share his creation with the world.
Protecting copyright is necessary for mainly three reasons –
1) The development of humanity relies upon the capacity to create and invent new works in areas of technology and culture.
2) Protecting the creations legally encourages people to innovate further.
3) Promotion and protection of IP spurs economic growth and helps in creating new jobs. It also enhances quality and enjoyment of life.
Sources - https://www.wipo.int/about-ip/en/