Intellectual properties including rights such as copyrights, designs, trademarks and patents and are considered one of the most important resources in this century. Earlier, intellectual property rights were mostly observed in the technical markets and industries such as semiconductors but with the time it is becoming important factor in across the business and legal world. Various public policies are playing a vital role in development of intellectual property market along with their impact on innovations. Ideas play an important role in today’s world and circulation of these ideas in this networked world in is highly important for innovations in businesses. Authors, designers and inventors are not always able to exploit their knowledge. Thus, organizations are progressively adopting trend for open innovations practices. But huge cost associated with open innovation practices often hinder the successful negotiation of copyrights, licenses and designs.
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Intellectual property affects small and large business. They also have implications for governments as they have to provide and maintain balance in their patent systems as patents can be used for both inhibit and promote the innovations. Intellectual properties rights helps in the transfer of technologies and knowledge by assuring the organizations involved that the ideas or knowledge will not be misused. Intellectual property can also be used as a secured finance by committing the intellectual property as security. Intellectual property sometimes can be motivated by the use of strategic considerations such as litigation or defensive purposes. Intellectual property market activities would provide an incentive for investment in new ideas and knowledge creation or it can also lead to a behavior involving renting the intellectual property.
These are still considered the early days in global intellectual property trading market. However, today this market has wide range of practices and prices among the buyers and sellers. The global intellectual property market has potential to become more constructive and ordered in coming years. Maturity will be achieved in this market when there will be information transparency, respect for the rule of law and strategic thinking. For instance, the U.S. has developed the America Invents Act in September 2011. The act helps in improving the quality of product by gathering the information from third parties related to patents and submitting it towards United States Patent and Trademark Office (USPTO).
Intellectual property market is segmented on the basis of property type and geography. On the basis of property type the global market for intellectual property is segmented into patents, copyrights, trademarks, trade secrets, trade dress and copyrights. Patent of intellectual property gives the inventor with the right to exclude other manufacturers from using the patented intellectual property. Copyrights offer the creator of the work with exclusive rights such as using the content or modifying the content for limited period of time. Acquisition of the intellectual properties has become an important strategic tool for organizations trying to increase and maintain their markets. Patenting funds are aiming to reduce litigation risk and transaction costs by pooling intellectual property rights and licensing the complete portfolio to members. New trend of online intellectual property is observed in this market, online intellectual property marketplace replicate the highly successful platforms for various products. For instance, a new variant of intellectual property product for unit license contracts was developed in 2011.
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