Determine The Proper Ip (intellectual Property) To Pursue (Essay Sample)
Patents have been established to stimulate innovation based on the economic incentive theory. While patents can be used to protect IP (Intellectual Property), they come with the tradeoff of making the invention public knowledge and a resource for other inventors. For example, a patent for a new drug could protect the original manufacturer for many years to cover the cost of invention. However, as soon as the patent has expired other companies could flood the market with low-cost, generic versions of that drug, taking advantage of the information in the published patent.
As a researcher, it is imperative to understand the economic incentive theory. Patent research plays a crucial role in new product development. In a 300- to 500-word response, discuss what would affect your decision making in pursuing a patent, or keeping the technology a trade secret, if you were involved in the development of a new technology. Discuss what types of technology are best suited for protection by patents and which should potentially be held as trade secrets. What are the advantages and disadvantages of each?
Length: 1-2 pagessource..
Determining the Proper IP to Pursue
Determining the Proper IP to Pursue
There are two main intellectual property identities, the copyright and the patent, which are legal illustrations of a given piece of work or project. However, in the development of the two main intellectual property identities, there are governing rules and regulations that have to be observed in order for one to gain exclusive rights to their inventions as well as innovations (Commons, 2015). For instance, the main distinctive feature between copyright and patent is that patents come with regulations, often called tradeoffs for a given period of time before the full information about it is released into the public domain. On the contrary, Joyce et al. (2016) highlight that copyrights once granted, there are no tradeoffs and thus the creator of a project is at liberty to share important aspects of the discovery with the public. This distinguishing characteristic between the two breeds an economic aspect that needs to be discussed further. The discussion in this paper ventures into analyzing factors that may impact the choice of pursuing a patent. Further discussion will focus on a patent discovery in technology, highlighting its accompanying advantages and disadvantages.
In relation to the theory of incentives, the first and foremost factor to be considered is the delegation of tasks within a firm to individuals who have conflicting objectives with the principal. Indeed, for various reasons, the developer of a project has to delegate some work to different experts within the firm (Lewis, 2013). This raises the question of honesty and reliability among the workers in view of the project they are working on. The delegation of tasks poses the danger of safeguarding and containing information within the firm as there is a tendency of individuals leaking such sensitive information to the public. For
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