Page 62 - Start Up_Genesis

PROPERTY Introduction

Intellectual property law is not a single homogenous body of law, given
the wide range of subjects with which it is concerned. Rather, the term is
used to describe several areas of law, including copyright law, patent law,
LAW AND INNOVATION
and trademark law, each of which has its own characteristics. Intellectual
property law creates exclusive rights in a wide and diverse range of things
such as novels, computer programs, paintings, films, television broadcasts,
performances, designs, pharmaceuticals, inventions, songs, symbols and
genetically modified animals and plants. While there are several important
INTELLECTUAL
differences between the various forms of intellectual property, one factor
that they share in common is that they establish property right protection
over intangible things such as ideas, inventions, signs, and vital information.

Definition
Bright Chalwe- Zambia Intellectual property is the creation of the mind while Intellectual Property

Rights (IPRs) can be defined as the rights to use and sell (or otherwise
dispose of) “creations of the mind: inventions, literary and artistic works,
and symbols, names, images, and designs used in commerce.”

Nature of IPRs

One of the primary characteristics of Intellectual Property Rights is that
they are national or territorial in nature; they are only enforceable in the
national territory or jurisdiction in which they are granted. The territorial
nature of intellectual property rights has long been a problem to rights
holders whose works, inventions, and brands are the subject of transnational
trade.

Why IPRs?

To generate innovations, bring new products or services to market, or to
introduce new production processes, firms need to undertake investments
into research and development (R&D) and into their brand name capital.
These investments are often risky, expensive and take a long time to come
to fruition. Once a new product or service is on the market, or in fact,
once a path-breaking innovative company has created a new market where
none existed before, competitors try to move in by imitating the successful
innovation. Intellectual Property Rights offer a legal mechanism to protect
the new products and processes from imitators and create incentives for
third parties to access the intellectual property.
Depending on the market forces, though the competition may seem to
benefit consumers by driving down the price of the new product or service,
it may be harmful in the long run because it may prevent the innovator from
earning a profit margin adequate enough to recover not only the upfront
R&D investment into the successful product or service, but also the costs of
the many failed R&D projects they also undertook before achieving their
break-through innovation.

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