4 reasons-why intellectual property rights are important?
Intellectual Property Rights help economic growth
IP rights help a company make sure that its ideas do not spill over and get copied by others. They promote a competitive economy and allow companies to use their original ideas to grow and create a strong economic impact. In the US, intellectual property rights indirectly and directly lead to more than 40% of economic growth.
Intellectual Property Rights protect consumers
IP rights make sure products are authentic and high-quality. This helps consumers make sure the products they are buying are safe and guaranteed for themselves and their families.
Intellectual Property Rights helps create global solutions to global problems
IP rights give inventors and creatives the incentive* to create new technologies to help solve problems like malnutrition, illness, or pollution. This is very important given the different issues we face in the world today.
Intellectual Property Rights Reward Entrepreneurship
IP rights remind entrepreneurs, business leaders, and inventors that their ideas are valued by allowing them to own their inventions and make sure they are not misused. At the same time, IP rights make sure these inventions are good-quality. This makes sure positive innovation happens in the economy.