Intellectual property Essay Example | Topics and Well Written Essays - 500 words

Intellectual property - Essay Example Erik Sherman in his article in The Chief Executive states that securing intellectual property is the only way to stay on the rapidly developing marketplace these days. The companies that do not have time or money for licensing their inventions end up bankrupts very soon nowadays, as the ideas that are not patented or copyrighted are soon plagiarized by the competitors, who spare neither trouble nor expense to get the legal rights on the invention. Thus, in some time, the company may even be sued for using its own invention. In addition, selling the rights to use the intellectual property may become a very good source of profit, especially for the small companies. The Ambient Devices, a company, producing consumer electronics can be brought as an example here, as today it gets 15% of its income just from granting other companies the rights to use its intellectual property, and the managers hope that in the next year this number may grow to the 50%. Andrea. L. Foster, the author of Who Should Own Science emphasizes the importance of sharing the scientific and technology data in order to make the research process more effective. Unfortunately, he forgets about thousands of companies who build their business and research strategies grounding on the existing system of licensing the intellectual property.