The phrase intellectual
property (IP) refers to the bundle of legal rights that arise from the
creative genius of the human mind. IP rights play an important role in the
economic prosperity of a country and serve as a motivating force for creative
individuals to share their genius with society.
When most people think
of intellectual property rights, patents, trademarks and copyrights come to
mind. This core set of IP rights reward and protect the creative works of
inventors, authors, owners and sellers of goods and services in the
marketplace.
Intellectual propertyrights also
foster a competitive marketplace. They do so by encouraging disclosure of
innovation through protecting the fruits of that innovation for a period of
time. Intellectual property rights are regional in nature and the
conditions of their grant and enforceability are governed by the laws of each
jurisdiction.
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