Defense of Intellectual Property – A Barrier to Growth
March 20, 2021
The United States is recognised as one of the world’s healthiest open economies. This free market system encourages entrepreneurs, small companies, and large corporations to enter the American market with a wide range of goods and services. Since the US economy is not socialist in nature, the rewards of success are distributed to the company’s stockholders and stakeholders. This economic climate fosters an ecosystem that encourages creativity and advances technology on a daily basis. However, as technology becomes more available to the average customer, intellectual property security is becoming more of a problem for many of these companies. The aim of this article is to inform the reader about the value of intellectual property and to show them how to protect it. Our website provides info about Intellectual Property.
Problems of Intellectual Property
Rapid globalisation has increasingly transformed from a domestic to an international problem. “Studies in the last decade have estimated that over 50% of US exports now depend on some kind of intellectual property security, compared to less than 10% 50 years ago,” according to the study (“Intellectual Property”, 2012, para. 6). These figures show that international consumers want to understand the technology behind the product, regardless of the ethical implications. It also means that these economies want to move from being exporters to competing producers, reducing the host company’s market share. Infringing on the intellectual property rights of other companies sometimes goes unnoticed until the material has already been compromised. Once the protected trade secrets are revealed, the consequences can be disastrous.