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People should be interested in Intellectual Property (IP) because IP is an intangible business asset, and if IP is not protected then others can basically steal the asset and use it to further their own interests. Protecting IP is what helps to further innovation and ensure that resources are devoted to research and design. It is also about protecting one’s position in the marketplace. As Bican, Guderian and Ringbeck (2017) point out, businesses have to manage their knowledge to maintain a competitive advantage. If that knowledge is only loosely protected, others could take advantage of it as though it were a resource out in the wild waiting to be snatched up by anyone willing to take it.
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Intellectual Property is best defined as a design, product or creation results from one’s own work and to which one has the rights for reproduction or distribution. IP is typically protected by copyright, patent or trademark, but not always. Algorithms that companies use to trade a market might be considered IP but they may not be protected by patent or copyright. The internal implications of IP are that a company often has to protect its secrets closely; other companies might try to poach workers who have access to IP and lure them away so that they can get a sense of what the other company is doing (Bican et al., 2017). Citadel is currently suing former employees for IP theft for exactly this reason.
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The major points of the article by Bican et al. (2017) are that businesses have to collaborate with external partners and that means sharing to some degree IP. This results in tension between the open innovation between the firms and IP rights. Bican et al. (2017) discuss how businesses can...…to be shared by one company with another—unless that first company is looking to give up its competitive advantage. It also relates to the work by Zhang et al. (2018), who argue that in the field of medical science and technology IP must also be protected so that advancements in research are not stole by other firms. The study by Wexler (2018) likewise emphasizes this point and makes it clear that IP is a major issue in the criminal justice system because it is viewed by firms as an asset that is of utmost importance. If it were not, there would not be so many cases focused on it in the courts today. Finally, it relates to the study by Yu (2017) because both studies are about the difficulties that companies face when they partner with one another for collaborative purposes while also trying to protect their own IP.
References
Bican, P. M., Guderian, C. C., & Ringbeck, A. (2017). Managing knowledge in open innovation processes: an intellectual property perspective. Journal of Knowledge Management, 21(6), 1384-1405.
Mansfield, E. (2019). Intellectual property, technology and economic growth. In Intellectual Property Rights in Science, Technology, and Economic Performance (pp. 17-30). Routledge.
Wexler, R. (2018). Life, liberty, and trade secrets: Intellectual property in the criminal justice system. Stan. L. Rev., 70, 1343.
Yu, P. K. (2017). The RCEP and trans-pacific intellectual property norms. Vand. J. Transnat'l L., 50, 673.
Zhang, J., Gu, Z., Jang, J., Wu, H., Stoecklin, M. P., Huang, H., & Molloy, I. (2018, May). Protecting intellectual property of deep neural networks with watermarking. In Proceedings of the 2018 on Asia Conference on Computer and Communications Security (pp. 159-172).
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However, the rights have some confinements incorporating the limitations and other considerations of issues like their contradiction with the fundamental rights and the codified provisions in force. The legal issues involving intellectual property rights have two dimensions. Firstly, those that provide exclusive rights only in the sphere of copying / reproduction of the item or act safeguarded and secondly, those which provide a right to deter others from doing
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