Is Technology An Intellectual Property?

The demanding world of ours runs on the competitiveness between the different firms and the economic health of the various nations. Also, both these things depend on the ability to commercialize various ideas and innovate different technologies. This is measured concerning the above entities as it helps a nation or any individual gain economic benefits based on scientific and technological innovations.

Thus, technology has also become intellectual property. The intellectual property rights include patents and copyrights, which are under a company or an individual. This is done by firms to protect their investments in the technological arena. Even the government bodies use it as intellectual property to encourage industrial growth and economic development of a country.

Intellectual Property right on technology basically grants an innovator with a temporary monopoly on the usage of the innovation. In this way, even the investors feel secure and can see a proper gain in the near future. Basically, the rights help the innovator as a sudden imitation of the invention or the product is not allowed. If that happens, the innovator’s return would decrease and the investors will not be able to make any profit. At the same time, it would also decrease the incentive to innovate.

The Intellectual property rights on technology not Read More