When is it important for innovators to protect their intellectual Essay

When is it of the essence(p) for innovators to protect their keen property Compare and contrast three different approaches to the protection of intellectual pr - Essay ExampleProtection for intellectual property leads to a healthy competition and enhances value and prime(prenominal) of products, thereby promoting economic growth by means of technological development and enriched cultural advancement. It opens fresh craftsmanship avenues and enhance standard of living. The governments have to act and ensure implementation of intellectual property system to draw businesses in a theft free environment to enable steady growth (Sebban, Guy 2005). gifted property is the name given to any new product or design or swear out and creative work of art or literature. Any invention or innovation involves dedicated move on the part of an inventor who spends long hours in research and development. In addition, a significant center of expenditure is also incurred towards development of new a nd innovative products or designs. If not protected and free copy is allowed, the inventor or innovator would soon get de-motivated, bringing stagnation to further development. Thus, protection of intellectual property assumes paramount importance.Intellectual property protection is essential to all businesses to exploit their new ideas and articles in the market and prevent piracy and theft by others. All art works also withdraw to be credited for their creativity to enhance cultural growth (Sebban, Guy 2005). The protection methods can be broadly classified as formal or institutional and strategic. Formal protection methods let in ostensible, trade secret, trade mark, and copyright, while strategic methods cover agreements of confidentiality, secrecy, lead and complexity (Iandiorio, Joseph S 1995). In the concomitant paragraphs, we would discuss, in detail, two formal methods, namely, patent and copyright, and one strategic method, namely, confidentiality agreement, bringing ou t differences, merits and demerits of each.A patent is a grant from a countrys government that provides security or protection to a new invention or innovation by an