Market for Intellect Property - Essay Example

Market for Intellect Property Intellectual property is a term commonly used in reference to creation that results from an individual’s creative thinking. Therefore, intellectual property might refer to inventions; designs; images; names; and literary and artistic works. Given that intellectual property is commonly used in commerce, it is always important to make sure that the people that come up with intellectual property are not exploited.This kind of protection usually comes in the form of trademarks, patents, and copyrights, thus enabling people to gain financial reward or recognition from their intellectual creations. However, there has been a debate on whether trademarks, patents, and copyrights are doing enough to make sure that people get the most from their creations (Li and Correa 121). Some people think that there should be a market for intellectual property so that people can have professional making sure that they get the most from their creation. On the other hand, some people think that the existence of an intellectual property will only lead to further explo0itation of creativity. This paper aims at discussing whether there should be a market for intellectual property. Intellectual property has grown to become one of the most important resources in the 21st century business. Intellectual property has proved to be just as important as financial capital, labor, and commodities. However, what makes intellectual property unique is the fact that is intangible. If not properly protected they might end up in the wrong hands. This is the reason why governments all over the world are striving to make sure that people who come up from ideas are protected from exploitation (Torremans 101). Trademarks, patents, and copyrights have the ability of making sure that once a person registers a creation or idea as their own people will not be allowed to use it commercially. This has been successful in making sure that people do not unfairly benefit from other people’s creativity. However, what should be taken into consideration with the fact that the measures that have been put in place only prevent creativity from being stolen or being used without the knowledge of the owner. It should be noted that this does not mean that these ideas will be implemented to their potential. There are a number of reasons as to why many people with brilliant ideas might not be able to get the best from their creativity. One of the reasons is that they might not be able to get the resources that are required to turn their creativity into actual projects (Cottier and Mavroidis 201). This implies that sometimes these ideas might end up being unused at all. Even in cases that they are used, there is always the question on whether the people who came up with the ideas really got what they deserved. Many people who come up with very good ideas usually do not have an idea of how much their creations are worth. It takes someone who has experience in business and various markets to know exactly how much a creation or idea will be worth in the market. It is only after many years that people start realizing that indeed their creation was worth more than they were given. However, the sad thing is that by the time they realize that their creations were worth more than they were given it is usually late for them to do anything about. After all, they usually sign a contract making the creation or idea a property of the organization or individual that they are selling them to. The trick in this case is that people with proper knowledge have the ability to estimate the potential of an idea or creation even before the creation or idea is put into practice (Maggiolino 99). Most creators might be brilliant, but always lack knowledge of the market, thus the inability to estimate the worth of their intellectual property. It is also clearly evident that there being a market for intellectual property can enhance efficiency. People in the business environment will always know exactly where to go for innovative ideas. This would be a one stop thing. Many business organizations usually spend allot of resources trying to get fresh, innovative ideas and creations (Greenhalgh and Rogers 217). This might save them time and other resources that are always at stake when they undertake such activities. As a result they will always be willing to pay more for innovative creations. Given the fact that they will be dealing with professionals who have an idea of the potential of the creations, they will have no option but to be realistic with the offer that they make for intellectual property (Christie and Gare 167). Not being able to talk to the innovators direct will be a big blow because they will not be able to take advantage of their naivety of market matters. A common argument is that patent holding companies essentially a tax on innovation, or do they obtain a fair or just return for innovators. However, the question in this case would be the impact that such development will bring, especially regarding the manner in which intellectual property is handled at the moment. These companies will create a “You need it, we’ve got it” situation where business organizations or investors hoping to use innovation to get to the next level will be able to get the same without much hassles (Dratler 187). On the other hand, people with innovative ideas will also have people to go to in case they want to get the best from their creations. Just like talent management helps people in getting the best from their talents, this will also be a good way in which creativity can be appreciated. Sports people have agents who make sure that their talents are given what they deserve even though it is always at a cost (Correa 142). However, at the end of the day it is the sports people who gain from being represented by agents because of the agents’ good knowledge of the market. In every industry pricing is always very important. There is always variance in prices depending on a number of factors. An intellectual property will bring some sanity to the pricing of property. Participants in the business environment should come to the realization of the fact that intellectual property is an asset just like the many other assets that are always used in the production of goods and services. This implies that intellectual property can be bought and sold, and therefore, there is a need for it be given the financial value that it deserve (Maskus 118). This can only happen if everyone appreciated the value that intellectual property has in the 21st century business organization. Having companies dealing exclusively in intellectual property will make sure that people appreciate intellectual property and those people who come up with them by making sure that any creation is valued and compensated in a manner that the people involved will not regret having undervalued the creation later. The development of the intellectual property, market can also be helpful in enhancing transparency in the acquisition of intellectual property. It is a common scenario getting an individual having the complaint that they were tricked into signing a deal that ended up giving them less than they deserved for their creations or ideas. This is because they went into such deals not knowing the possibility of this happening. However, with companies dealing with exclusively intellectual property, such cases can be analyzed and reviewed because these companies would have the necessary record and resources for tracking all the relevant information about the deal (Abbott, Correa and Drahos 212). In such cases, owners of intellectual process would not have to worry about how they will go through the long process that involves pressing for what they deserved because this will be done through these companies. It is clearly evident that there being a market for intellectual property will be of high benefit. One of the things that can be seen from the herein discussed reason is that, companies dealing with exclusively will lead to efficiency. More brilliant ideas and creations will be put in practice. They will also make sure that business organizations and investors do not take advantage of the fact that most innovators might not be well informed on the value of their ideas or creations when used commercially. As discussed herein, this knowledge can only result from proper knowledge of the market. This is something that most people who come up with ideas or creation do not have. Work cited Abbott, Frederick M, Carlos M. Correa, and Peter Drahos.Emerging Markets and the World Patent Order. , 2013. Internet resource. Christie, Andrew, and Stephen Gare.Blackstones Statutes on Intellectual Property. , 2014. Print. Correa, Carlos M. Research Handbook on the Protection of Intellectual Property UnderWto Rules. Cheltenham, UK: Edward Elgar, 2010. Internet resource. Cottier, Thomas, and Petros C. Mavroidis.Intellectual Property: Trade, Competition, and Sustainable Development. Ann Arbor: University of Michigan Press, 2003. Print. Dratler, Jay. Licensing of Intellectual Property. New York: Law Journal Press, 2001. Print. Greenhalgh, Christine, and Mark Rogers.Innovation, Intellectual Property, and Economic Growth. Princeton: Princeton University Press, 2009. Internet resource. Li, Xuan, and Carlos M. Correa.Intellectual Property Enforcement: International Perspectives. Cheltenham, UK: Edward Elgar, 2009. Internet resource. Maggiolino, Mariateresa. Intellectual Property and Antitrust: A Comparative Economic Analysis of Us and Eu Law. Cheltenham: Edward Elgar Pub, 2011. Internet resource. Maskus, Keith E. Intellectual Property Growth and Trade. Amsterdam: Elsevier, 2008. Print. Torremans, Paul. Intellectual Property and Human Rights: Enhanced Edition of Copyright and Human Rights. Alphen aan den Rijn: Kluwer Law International, 2008. Print. Read More