We can stop people coping the idea to produce portable Bluetooth speaker shaped like a cupcake keyring by conferring legal rights called Intellectual Property Rights. All inventions of creations begin with an ‘idea’. Once the idea becomes an actual product, i.e., Intellectual Property, one can apply to the authority concerned under the Government of India for protection. Legal rights conferred on such products are called ‘Intellectual Property Rights’ (IPR). Hence Intellectual property (IP) refers to products of human mind, hence, just like other types of property, the owners of IP can rent, give or sell it to other people. Intellectual property is divided into two board categories: industrial property, which includes inventions (patents), trademarks, industrial designs and geographical indications, while the other is copyrights, which includes literary and artistic works, such as novels, poems, plays, films, musical works, artistic works, such as drawings, paintings, photographs and sculptures and architectural designs. Intellectual Property Right is important because of the following points:
It encourages creation of new, path breaking inventions, such as ** cure medicines.
It incentivises inventors, authors, creators, etc., for their work.
It allows the work created by a person to be distributed and communicated to the public only with his/her permission. Therefore, it helps in the prevention of loss of income.
It helps authors, creators, developers and owners to get recognition for their works.
