Option 3
Intellectual property
Intellectual property is the creations made by the mind. Examples are artistic works, inventions, and symbols or names used in commerce. The intellectual property is divided into two types which are Industrial property and copyright (Types of intellectual property, n.d.). The industrial property consists of the patents for trademarks, inventions, geographical indications and industrial designs. The copyright consists of literary works like novels and plays, artistic works like sculptures and paintings, architectural designs and films among others. Intellectual property has rights that cover it. They give room to the content owners to be able to benefit from their creations.
An IP right is then a legal right based on the necessary national law enforced on a specific type of intellectual property right. Before the rights are enforced, the legal requirements of the relevant IP law should be met and registered on a procedure that is under that law. In innovation, the role of IP is to reduce the risk for the players that are involved (Kalanje, 2006). These players who take place are then able to reap acceptable returns for their participation in the process. IP plays a role in enhancing competition of technology-based enterprises. It also helps in navigating the “valley of death” which means that it gives access to financing and technical facilities.
Generally, the intellectual property is divided into two groups which are Industrial property and copyright. The industrial property consists of the patents for trademarks, inventions, geographical indications and industrial designs. The copyright consists of literary works like novels and plays, artistic works like sculptures and paintings, architectural designs and films among others. An IP right is a legal right based on the necessary national law enforced on a specific type of intellectual property right. In innovation, the role of IP is to reduce the risk for the players that are involved and enhancing competition of technology-based enterprises.
References
Types of intellectual property. (n.d.). Retrieved from https://www.wipo.int/edocs/pubdocs/en/intproperty/450/wipo_pub_450.pdf
Kalanje, C. M. (2006). Role of intellectual property in innovation and new product development. World Intellectual Property Organization.
