Intellectual Property Coursework Example

Name
Instructor
Course
Date
Intellectual Property
Human beings are known to be inventors and creators of new ideas, products, and artistic works. The ability of humans to create such works is key to the growth and development of humanity as a whole. However, the ability to develop such ideas, concepts, and artistic works requires, at times, a distinct intellectual capability. The works resulting from intellectual brilliance are not easy to achieve and are thus not common. Artistic works, for instance, can only be achieved through talents and natural abilities. Therefore, the authors of such works need to be protected if they are to enjoy the fruits of their intellectuality. Intellectual property involves but is not limited to the identification and protection of the rights of individuals or organizations to enjoy the fruits of creating such property.
Intellectual property exists in many forms. Some include patents, copyrights, trademarks, trade secrets, rights to fair competition and design protection. A patent is a guarantee given to an inventor of a new product or technology that their invention will be protected. The patent gives an inventor exclusive rights to what they have invented and can is a source of financial gains (Bently et al. 375). The patent, therefore, motivates people to do more research and inventions as they are assured of exclusive rights. Patents have a limit of about twenty years. The owner of the patent can, however, decide to share their patent rights with whoever they want to.

A patent is important as it prevents third parties from commercially selling, manufacturing or distributing an invention.
Copyrights protect artistic works like novels, music, books, drawings, newspapers, plays, architectural drawings and acting. Copyrights give the creators of artistic works protection against the copying, reproducing, and any other illegal use of their works for benefits to third parties (Bently et al. 31). The owners of copyrights have exclusive rights to share their works with parties they are interested in. The protection of artistic works for the benefit of their creators serves as a motivation to others to create more works of art, not only for their benefits but also for the interests of the society which is the primary target of such works.
Trademarks are another type of intellectual property. A trademark is what enables a company to be recognized amidst other companies. The trademark makes it possible for consumers to identify original and genuine products from the company of their choice (Bently et al. 809). The mark could be a drawing of the product, its smell or taste, or the nature of the package of the product. Trademarks are important because they help distinguish genuine products from fake ones. A company will, therefore, avoid unfair competition from non-genuine products that compromise the quality of the products and therefore ensure higher profits.
Vulnerabilities of Intellectual Property
Intellectual properties have many benefits to individuals and organizations that create them as outlined above. However, they also have their vulnerabilities. Recent developments in information technology have seen more corporations begin to operate in the online market. The internet, through e-commerce, has been the key driver of this initiative. The more people go online, the more and more corporations are finding it necessary to access the online market. However, this development puts intellectual property at risk. Instances like theft of intellectual property are on the rise. Theft of intellectual property can range from hacking information about a company’s intellectual property like trade secrets to the illegal reproduction of artistic works by unauthorized persons.
Hacking has been a major concern for firms as to the security of their private data and intellectual property. Hacking is carried out by individuals or organizations that have interest in the operations of an organization. Theft of trade secrets, information on market dynamics and strategic plans for a company, puts its survival in the market at risk as the individuals can manipulate and use such information against the company. Instances of illegally reproducing and distributing artistic works have always posed a threat to intellectual property. Third parties who are not licensed to sell or distribute such works can do so at the expense of the owner of the property. Recently, companies are being forced to adopt other means of protecting their intellectual properties. The adoption of cybersecurity measures by firms is an illustration of positive response towards the protection of intellectual property.

Work Cited
Bently, Lionel, and Brad Sherman. Intellectual property law. Oxford University Press, USA, 2014.