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Why promote and protect intellectual property?

Why promote and protect intellectual property?

There are many compelling reasons –

First, the progress and well-being of humanity rest on its capacity to create and invent new works in the areas of technology and culture.

Second, the legal protection of new creations encourages the commitment of additional resources for further innovation.

Third, the promotion and protection of intellectual property spurs economic growth, creates new jobs and industries, and enhances the quality and enjoyment of life.

An efficient and equitable intellectual property system can help all countries to realize intellectual property’s potential as a catalyst for economic development and social and cultural well-being.

The intellectual property system helps strike a balance between the interests of innovators and the public interest, providing an environment in which creativity and invention can flourish, for the benefit of all.

Intellectual property refers to creations of the mind: inventions; literary and artistic works; and symbols, names and images used in commerce.

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