Why is Intellectual Property Important for the growth of a country?
It is important to understand the relation of Intellectual property with the growth of a country. Intellectual property plays a significant role towards the economic development of a country. Intellectual property is a result of the creations of the mind of the citizens of a country. In the present scenario, some countries don’t fully realize the power of protecting the intellectual property of their citizens. This lack of realization is a result of a misleading impression in the minds of the activists and the government officials about the relationship between the strong IP protection and economic growth of the country. The government officials claim that providing Intellectual property rights and protection is an obstacle in the path of development and thus should be enforced only when a country has achieved a high-income status.
Intellectual property is a seemingly newer field for some citizens due to the lack of awareness about the intellectual property. However, the intellectual property has been around for years now. Some citizens are unaware of the power of Intellectual Property and how they can benefit from it. Protection of the intellectual property is very important for the growth of a country. The growth of a country is dependent on the growth of its citizens. In order to grow and succeed in this competitive world, citizens invest their valuable time. Therefore, they should be given the authority to enjoy the rights. It is the duty of the government to not only protect the tangle property but also enable the protection of intangible property like intellectual property of their citizens.
Although intellectual property protection does not directly lead to growth, it helps in creating an incentive structure that encourages research and development, which in turn leads to an increase in innovation. The increase in the innovations propels greater rates of economic growth. In addition, the protection and preservation of out of box thinking of a citizen further add to economic growth, thereby gaining an upper hand in the present competitive world. Intellectual property (IP) contributes enormously to the national and state economies of a country. Without the protection of ideas, businesses and individuals would not reap the full benefits of their inventions and would focus less on research and development. Artists would not be fully compensated for their creations and cultural vitality would suffer as a result.
The growth of a country goes hand in hand with the growth of the companies which conduct their day to day business in that country. Therefore, it can be said that the growth of the country depends on the growth of the individuals employed in those companies. Intellectual property is of great value for any company trying to grow in the market. Intellectual property or intangible assets contribute to about 75 percent of the company value in fortune 500 firms. For many businesses, intellectual property protects more than just an idea or a concept; it protects genuine business assets that may be integral to the core services of the business and overall long-term viability. Companies of all sizes are at risk of having their unique ideas, products or services infringed upon, even if they are on the other side of the world.
Intellectual property protection is critical to fostering innovation. Intellectual property includes the most important aspect which is the monetary aspect which induces a drive throughout the country for increasing innovation. The country providing an efficient protection of the intellectual property encourages the citizens to come up with innovative ideas or inventions. Intellectual property increases the value of the citizens in terms of both reputation and the monetary value. The organizations invest a lot of resources towards the people working in the organizations and hence demand their employees to step up and lead the way towards the growth of their organizations. The employees are encouraged to bring out new ideas and inventions through their intellect.
The employees help in increasing the value of the organizations in terms of financial benefit and help the organizations to remain a step ahead of other organizations. For example, a person working in a company like Samsung or Apple develops a new feature for a smartphone or a person has designed a new logo for a smartphone selling company. Therefore, the person is adding value to the company which leads to the growth of the company. The company will gain exclusive rights to the intellectual property which aids in avoiding infringement of its intellectual property by others. The growth and development of the organizations eventually result in the economic growth of the country and aids in raising the status of the country in the international market.
In addition, nowadays, various countries compete with each other at the global stage. The countries keep a constant check on the progress of the other rival countries in terms of economic and technological development. As a result, more and more countries with strong intellectual property protection are propelled towards bringing out new ideas and technologies in order to compete against their rivals. This leads to a healthy competition among the masses which in turn benefits the people living in various countries. Consequently, Intellectual property leads to the advancement of mankind.
Intellectual property protection allows individuals to profit from their innovative or creative activities, thereby creating an incentive to innovate and promote technological progress. Individuals can present their ideas and innovations to other business firms for growing their business in the international arena and generate franchises. Intellectual property helps to avoid counterfeiting of the original product. Creative artists and other professionals can create works of art and share their creations with the world worry-free. Moreover, a name or a brand conveys all the goodwill of your product or service, therefore it should be protected.
One of the most talented actors of this generation Jim Carrey rightfully said, “When you have got a talent you need to protect it”. Also, John Locke was popularly known as the “Father of Classical Liberalism” befittingly said, “Every man has a property in own person, this nobody has a right to, but himself”.