What is there for to rejoice if you have the intellectual property on something? Would it be a great instrument to the economic growth of the country? Or you are just the sole beneficiary of the fruits you have reaped from what you have sowed? Explain.
Ans.
First, let's define IP or the Intellectual property. It is a term referring to a number of distinct types of creations of the mind for which a set of exclusive rights are recognized and is bounded by the corresponding fields of the law. If you have this property or creation then you have the rights which is called Intellectual Property Rights or IPR. There are different intellectual property rights and the common types are copyrights, trademarks, patents and industrial design rights. If you have filed or applied this rights on your creations or property then you will be recognized as the owner or inventor of it and you have the right to sue somebody who will imitate, copy or reproduce it without your consent and permission. Now, talking about the economic growth of a country, this thing contributes to the economy in the form of tax. For instance, a country or an organization owns a property which is copyrighted or patented somebody who will reproduce it will have to pay accordingly for them to have the right to reproduce. And every person who is a contributor or inventor to that will have a share on the money. It is not true that you're just the sole beneficiary of your creation or property but you are the primary beneficiary.
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