{"id":33076,"date":"2021-07-17T11:32:39","date_gmt":"2021-07-17T06:02:39","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=33076"},"modified":"2024-05-18T14:19:19","modified_gmt":"2024-05-18T08:49:19","slug":"advantages-and-disadvantages-of-intellectual-property-rights","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/advantages-and-disadvantages-of-intellectual-property-rights\/","title":{"rendered":"Advantages and Disadvantages of Intellectual Property Rights"},"content":{"rendered":"\n<p class=\"has-drop-cap\">Intellectual property rights are intangible rights given to the author over the creation of their minds. IP Rights are usually given to the creator for exclusive use of his creation for a fixed time period. It is a protection given to the inventors so as to encourage them to come up with different creations and innovations which can help in development of the Indian economy. In this article, we will discover about the advantages and disadvantages of Intellectual Property Rights.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/corpbiz.io\/learning\/advantages-and-disadvantages-of-intellectual-property-rights\/#What_are_intellectual_property_rights\" >What are intellectual\nproperty rights?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/corpbiz.io\/learning\/advantages-and-disadvantages-of-intellectual-property-rights\/#What_are_the_types_of_intellectual_property_rights\" >What are the types of intellectual property rights?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/corpbiz.io\/learning\/advantages-and-disadvantages-of-intellectual-property-rights\/#What_benefits_does_Intellectual_Property_Rights_have_in_this_modern_era\" >What benefits does Intellectual Property Rights have in this modern era?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/corpbiz.io\/learning\/advantages-and-disadvantages-of-intellectual-property-rights\/#What_are_the_advantages_of_intellectual_property_rights\" >What are the advantages of intellectual property rights?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/corpbiz.io\/learning\/advantages-and-disadvantages-of-intellectual-property-rights\/#What_are_the_Disadvantages_of_intellectual_property_rights\" >What are the Disadvantages of intellectual property rights?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/corpbiz.io\/learning\/advantages-and-disadvantages-of-intellectual-property-rights\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_intellectual_property_rights\"><\/span>What are intellectual\nproperty rights?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Intellectual property rights are the legal rights provided to the authors for the protection of their original work, it is a protection provided to the creators for their contribution in invention, or protection given to the products for their appearance so as to distinguish it in market, and protection given for scientific developments, artistic works, and so on.<\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/different-ip-rights-in-india\/\">Different IP Rights in India: A Complete Checklist <\/a><\/mark><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_the_types_of_intellectual_property_rights\"><\/span>What are the types of intellectual property rights?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The five major kinds of IP rights are: <\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter is-resized\"><img decoding=\"async\" src=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/07\/The-five-major-kinds-of-IP-rights-are.png\" alt=\"types of intellectual property rights\" class=\"wp-image-33083\" width=\"504\" height=\"468\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/07\/The-five-major-kinds-of-IP-rights-are.png 998w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/07\/The-five-major-kinds-of-IP-rights-are-300x279.png 300w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/07\/The-five-major-kinds-of-IP-rights-are-768x713.png 768w\" sizes=\"(max-width: 504px) 100vw, 504px\" \/><\/figure><\/div>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_benefits_does_Intellectual_Property_Rights_have_in_this_modern_era\"><\/span>What benefits does Intellectual Property Rights have in this modern era?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The\nvarious benefits of intellectual property rights are as given below:<\/p>\n\n\n\n<ul>\n<li><strong>Innovative idea to earn profit<\/strong>&nbsp;\u2013IP\nhas a great potential to turn an innovation into services and products which\ncan be commercially profitable and viable. At the same time, these IP ideas\nhave no worth of its own and require the registration of innovation to be able\nto earn profit.&nbsp; Hence, the consequence\nof registering patent and copyright will result in continuous stream of fee and\nincrease in income capacity that in turn will boost the overall market result.<\/li>\n\n\n\n<li><strong>Export Business Opportunities<\/strong>&nbsp;\u2013\nIntellectual property improves the productivity of a company in the export\nmarket. The holder of the IP right may utilize these designs and logos to sell\nproducts and services in the foreign countries. It may also attain a franchise\narrangement with the abroad corporation, or helps in exporting the proprietary\nproducts.<\/li>\n\n\n\n<li><strong>The ideas are encouraged by securing them<\/strong>&nbsp;\u2013\nWith the increasing competition in the market, there are people who are always\nwilling to copy the concept of others for availing the monetary benefit and\ndevelopment in their business. Hence, the business Company and entrepreneurs\nshould protect their unique ideas and innovation. It is also necessary to give protection\nto IP properties until it has unlawfully infringed any third party. <\/li>\n<\/ul>\n\n\n\n<p>Therefore, it is important to implement IP security for all the sizes and forms of companies. Thus, after checking the market requirements and the prevailing situation, a person should decide as to which Intellectual Property Rights (copyright, trademark or <a href=\"https:\/\/corpbiz.io\/patent-registration\"><strong>patent registration<\/strong><\/a>) has to be used to cover different areas of IP.<\/p>\n\n\n\n<ul>\n<li><strong>Business Growth \u2013<\/strong>&nbsp;It\nis important to get your intellectual property rights registered as giving protection\nto your exclusive goods or services is necessary for preventing the rivals to\nuse the same. The protection shall ensure development in the market share which\nshall result in steady profit and growth. It is very essential for the small\nscale enterprises to get the protection so as to have its own name in the\nmarket as because losing any market share at the initial stage can be dangerous\nfor the long run to its corporate growth.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_the_advantages_of_intellectual_property_rights\"><\/span>What are the advantages of intellectual property rights?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>There are\nmany advantages to IP which are as given below:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. There are no extra fees connected with IP  <\/h3>\n\n\n\n<p>There are no fees required whenever you\nwish to change or enhance your business and hence it can be done free of cost.\nBut it is always suggested to apply for getting the formal patent protection\nonce the inventor has completed with developing the product.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. Competitive edge over other alike businesses<\/h3>\n\n\n\n<p>IP protection inevitably gives an ability to have a competitive edge over other similar <strong><em>businesses<\/em><\/strong><sup><a href=\"https:\/\/en.wikipedia.org\/wiki\/Business\"><strong><em>[1]<\/em><\/strong><\/a><\/sup> in the market. This will make the companies with the IP protection tension free because their business operation is secure because the same businesses in the market won\u2019t be able to copy, use or manufacture the same product.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. IP helps in enhancing the company\u2019s value<\/h3>\n\n\n\n<p>&nbsp;Intellectual property helps in generating more\nincome for the business through the sale or licensing agreements&nbsp;of the\ninvention.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">4. IP aids in marketing the company\u2019s products and services<\/h3>\n\n\n\n<p>It\ncan help in differentiating one business over the other in order to attract\nmore potential customers. Thus, it boosts the marketing of the registered\nproducts. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">5. Obtaining finance becomes easy <\/h3>\n\n\n\n<p>It becomes easy to obtain finance from financial\ninstitutions and lenders since it enhances the credibility with the IP\nprotection.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">6. Greater export opportunities <\/h3>\n\n\n\n<p>It increases\ncompetitive edge in the export markets and to deal with the products and\nservices internationally. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_the_Disadvantages_of_intellectual_property_rights\"><\/span>What are the Disadvantages of intellectual property rights?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Few\ndisadvantages of intellectual property are as follows:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. Additional costs<\/h3>\n\n\n\n<p>For\ngetting the protection for the first time, it could be bit expensive particularly\nif the product is complex and involves methods, designs, and processes.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. Pirating<\/h3>\n\n\n\n<p>Even\nafter getting the IP protection, it sometimes becomes difficult to stop someone\nwho is copying the inventory work.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. Reduced quality <\/h3>\n\n\n\n<p>With\nthe passage of time, as the rights of intellectual property reduces so does the\nquality of the IP decreases.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>After a thorough read of the whole article, it must have been clear by now that how important is IP protection today to secure your own artistic, literary works and other inventions. It is only because of these protections given under the IP Act, a business or company stands unique from other businesses in the market. Hence, it is highly recommended to get the IP protection and avail its benefits.<\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/basics-of-intellectual-property-rights\/\">Basics of intellectual property rights: Explained <\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Intellectual property rights are intangible rights given to the author over the creation of their minds. IP Rights are usually given to the creator for exclusive use of his creation for a fixed time period. It is a protection given to the inventors so as to encourage them to come up with different creations and [&hellip;]<\/p>\n","protected":false},"author":33,"featured_media":33095,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[322],"tags":[1866],"acf":{"service_id":"400"},"authorName":"Kandarp Vanita","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/02\/image_2021_02_01T09_09_44_024Z.png","authorDescription":"Kandarp Vanita has done masters in Corporate and Commercial Law from WB National University of Juridical Sciences. She has 3 yrs of experience in drafting legal documents &amp; dissertations. Being a curious reader, she is also passionately into providing legal backups and comprehensive understandings in every aspect of Law to the firms.","postViews":74702,"readingTime":4,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/33076"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=33076"}],"version-history":[{"count":33,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/33076\/revisions"}],"predecessor-version":[{"id":64226,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/33076\/revisions\/64226"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/33095"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=33076"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=33076"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=33076"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}