Intellectual Property Protection Encourages Innovation - Literature review Example

Intellectual Property Protection Encourages Innovation Name: Institution: Intellectual Property Protection Encourages Innovation Introduction Companies, individuals and organizations in the global platform are currently seeking ways of improving on their competitive advantage. Research and development have therefore become a characteristic of business initiatives as a way of encouraging innovations (Manzini & Lazzarotti, 2015). These investments have necessitated the development of new products and the improvement as a way of ensuring tha they remain relevant in the competitive market. The success of these investments initiatives is attributable to the existence of intellectual property protection rights (Williams, 2013). Intellectual property is inclusive of the creations of the mind, works of literature, music, inventions, names and symbols that are used for commercial purposes (World Intellectual Property Organisation). The recognition of the inventor of the creator of an idea helps facilitate the recognition and permission from the individual hence the use of the idea within the existing legal requirements (Manzini & Lazzarotti, 2015). The main objective of this essay is to affirm the role of intellectual property protection in encouraging innovation. How intellectual property protection encourages innovation Financial gain and incentives to the innovators Intellectual property has been accused to be a system that exploits innovators for their ideas. These exploitations emanate from the authorities who use the innovative ideas of different individuals in the production of essential products and services and only retain a given percentage of the resulting gains to the innovators (Williams, 2013). The copyright system in the music and film industry has been accused this kind of exploitation. Inasmuch as copyright companies help the musicians and the film makers in protecting their products from piracy, they also retain a large percentage of the revenues generated from the sale of the products and only allocate some percentage to the creators of the idea. This has made intellectual property a discouraging platform for innovators (Manzini & Lazzarotti, 2015). Despite the perceived opposition to intellectual property protection on the basis of exploitation, one of the main objectives of intellectual property protection system is to ensure the provision of incentives to innovators in the creation and production of new inventions (Williams, 2013). The provision of such incentives is considered as a motivating factor which also provides the society with a continuous and steady stream of innovations that power economic growth, social and cultural progress (Williams, 2013). Through these forms of growth, innovators are often able to develop techniques that help in the alleviation of different forms of diseases and poverty while at the same time enriching the cultural heritage of the society (Santoso et al, 2014). Intellectual property protection also encourages innovation in the society because it provides a technique through which innovators can benefit from their work. This is made possible through enacting and passing of laws that prevent other members of the society from copying or engaging in unfair ways of gaining from the innovative ways of the inventor (Manzini & Lazzarotti, 2015). The provision of theses protection rights enables the society to provide organizations and people with different justifications and reasons for investing their time in ideas and thoughts in the development of innovative products and technologies which facilitate the process of expansion of knowledge and culture in the society (Williams, 2013). Intellectual property protection therefore encourages the production of a wide range of high quality products and services which facilitate competition in any platforms. In addition, the main objective of innovation is to provide alternative solutions to the challenges facing the society (Mueller et al, 2013). This means that the existence of laws that protect original initiatives of members of the society can help in facilitating the development of more ideas hence the availability of numerous ways of solving societal challenges (Mueller et al, 2013). Intellectual property protection has been accused of selective application of benefits. This emanates from the assumption that it is only those who are directly linked to the innovation that stand to gain some form of benefits. The consumers of these products and services are often at a loss due to the payments involved. The cost of intellectual property protection is often transferred to the consumer who provides pays for a percentage of the protection right (Santoso et al, 2014). This means that while the innovator and the protection authorities only institute laws and procedures that define their systems of operations, the consumer has the responsibility of maintain their livelihoods (Mueller et al, 2013). Inasmuch as the consumer gains from the product or services, he or she also loses financially considering that the price of the product or service is inclusive of the cost to cater for the interest of the innovator and that of the intellectual property protection authorities (Santoso et al, 2014). The realization that inventions help every member of the society forms the basis of providing intellectual property rights. This is informed by the understanding that every idea has the potential of initiating solutions to problems in the society (World Intellectual Property Organization). The provision of intellectual property right serves as a guarantee that the society embraces ideas hence increasing the possibility that more individuals will be drawn into innovative practices (Manzini & Lazzarotti, 2015). This makes it possible to understand why patent protection has facilitated the development of key technologies in the society such as electricity, computer technology and mobile phone communication technology among others. Intellectual property rights such as copyrights have been instrumental in stimulating the development of vibrant local cultures coupled by encouraging their dissemination on a global platform (Santoso et al, 2014). The global popularity of different forms of music genres such as reggae and salsa including the film industry has been experiencing an exponential growth in terms of their distribution and commercial success (Mueller et al, 2013). The success of these industries is attributable to the copyright systems which forms part of intellectual property protection. Through this approach different individuals and industries have been able to develop their ideas in ways that affect the society of a global scale (Manzini & Lazzarotti, 2015). Financing innovation facilitates the creating of markets and a vicious cycle of innovation Intellectual property protection encourages innovation in the society since it provides a platform through which creative ideas can be financed and implemented in the form of innovations. This is based on the realization that those responsible for innovation must make a living (Manzini & Lazzarotti, 2015). There are innovative ideas that require the investment of large amounts of time and financial resources in research and development of the new technologies and products (Williams, 2013). This is often without the guarantee that the innovations will be rewarded. The absence of the guarantee has been due to the high risk in the possibility that the resultant products will not be successful in fulfilling its mandate in the market (Santoso et al, 2014). Through intellectual property protection, it is possible for innovators to finance their work with the help of the market place. Despite the existence of other techniques of financing the initiatives such as private patronage and government funding, intellectual property protection is best approach that is often used by different individuals in funding and disseminating their work (Williams, 2013).. When understood from this perspective, intellectual property protection allows innovators to act in ways that seem responsive to customer needs. Efficient satisfaction of customer needs serves as a guarantee that an innovation will succeed in the marketplace to generate the expected financial benefits (Manzini & Lazzarotti, 2015). Intellectual property protection is also important for societal wellbeing as it creates a vicious cycle of innovation. The ability of innovators to disseminate knowledge, ideas and different forms of information is considered as a necessity in the stimulation of innovations as required by the intellectual property rights with regard to the acquisition of patents and copyrights (Santoso et al, 2014). Patent applicants have the obligation of publishing the details of their innovations in exchange for a patent protection. Patent applications and published patents are considered as an essential source of information that is crucial for technical and scientific development (World Intellectual Property Organisation). Through this information it is often possible for the society to initiate ways through which the published ideas can be used in the promotion of societal wellbeing or the progress of a company (Williams, 2013). Patent office databases that act as a platform of knowledge which is essential for development. The pool of knowledge which could otherwise not have existed without the intellectual property protection system facilitates additional research hence the creation of a vicious cycle of innovation (World Intellectual Property Organization). In addition, the ability of intellectual property protection o encourage the publication of inventions minimizes the possibility of duplication in research. Copyrights for instance are a way of encouraging the dissemination of new works and expressing the creative nature of different individuals (World Intellectual Property Organisation). Copyrights act as a way of helping authors in making their work public with the knowledge that they will retain some level of control over these works (Manzini & Lazzarotti, 2015). Intellectual property and the protection of customers Intellectual property protection has been accused of limiting innovation since its subjects the innovators to a series of criticisms that denies them the opportunity of advancing their ideas. These criticisms have been regarded as relatively subjective and characterized by malice (Santoso et al, 2014). Invested interests by the authorities plays a role in limiting the ability of different innovators to desire the publication of their ideas. Intellectual property protection requires innovators to publicize their works in details (Santoso et al, 2014). This can be used as a platform for theft by malicious personalities whose intentions are to subject the published innovations into a series of revisions and modifications. Such changes may deny the original innovator the opportunity of advancing his ideas hence demoralizing existing and potential innovators (Manzini & Lazzarotti, 2015). Despite these accusations, intellectual property protection benefits the society with regard to the customers. This is because for an innovation to acquire patent protection it must demonstrate to the authorities that it will be essential in adding value and enhancing the quality of available products for services (Manzini & Lazzarotti, 2015). Intellectual property protection is there essential in ensuring that the society is guarded from low quality and relatively harmful products and services. The presence of trademarks and geographical indicators act as techniques that allow consumers to identify goods and services on the basis of their places of origin and the manufacturers. Societies with an effective intellectual property system are more likely to attract more consumers due to the positive reputation that such a society enjoys from the consumers (Mueller et al, 2013). This also acts as an important resource in the creation of a lasting association between the innovator and the market. This kind of association has been considered to be beneficial in boosting the ability of the innovators to interact with their markets to assess additional areas of improvements and innovations (Santoso et al, 2014). Conclusion Intellectual property protection has been considered as an approach aimed at the protection of the ideas of innovators from the possibility of piracy. These protection initiatives have been met by critics concerning the objectivity of the initiative. This is because of the perceived invested interests by the intellectual property protection bodies and the expenses that consumers incurred to satisfy the needs of these authorities and the innovators. Despite these criticisms, intellectual property rights have also been instrumental in protecting innovators, provision of quality products and services to consumers and the ability to encourage innovation through financial incentives. References Manzini, R. & Lazzarotti, V. (2015). Intellectual property protection mechanisms in collaborative new product development. R&D Management, doi:10.1111/radm.12126 http://onlinelibrary.wiley.com/doi/10.1111/radm.12126/full Mueller, E., Cockburn, I.M., & MacGarvie, M. (2013). Access to intellectual property for innovation: Evidence on problems and coping strategies from German firms. Research Policy, 42(2). 529-541. doi:10.1016/j.respol.2012.09.005 Santoso, S. Horne, B., & Wicker, S. (2014). Destroying by Creating: Exploring the Creative Destruction of 3D Printing Through Intellectual Property. http://www.truststc.org/education/reu/13/Papers/HorneB_Paper.pdf Williams, H.L. (2013). Intellectual Property Rights and Innovation: Evidence from the Human Genome. Journal of Political Economy, 121 (1). Retrieved from: http://www.jstor.org/stable/10.1086/669706   World Intellectual Property Organisation. (nd). What is intellectual Property? Retrieved from the World Intellectual Property Organisation website: http://www.wipo.int/edocs/pubdocs/en/intproperty/450/wipo_pub_450.pdf Read More