Question

What relationship exists between Innovation, IP Rights and Economic Modernization, please give examples. (400 words or more)

TYPE ANSWER please no handwritten notes

Answer 1

Technological innovation can be categorized in several ways: product versus process, revolutionary (basic or basic) versus incremental (improvement) and transformative versus enduring (sequential and/or complementary). Other important types of (non-technological) innovations that do not result from scientific and/or technological R&D but are often critical to the profitable marketing of R&D investment products and services are: marketing innovation, institutional innovation and complementary innovation.

One of the main goals of a business that wants to survive and thrive in today's economy is to handle technology better than its rivals. Through drawing on practical examples, this article highlights the significant contributions made to the process of promoting innovative technologies through introducing superior products and/or services through the successful use of the various tools in the IP system. This goes beyond just looking at technological innovation as either revolutionary or gradual technological breakthroughs to clarify the position of the IP system's resources. Rather, it sees technological innovation as an interconnected system consisting of a number of different phases.

The government's granting of a property right over useful intangible intellectual output, although generally for a limited period of time, gives the owner of such legal property rights the right to exclude all others from profiting from it commercially. In other words, all other legal rights prohibit the use of the underlying IP asset for commercial purposes without the prior consent of the holder of the IP right. The various types of IP rights are trade secrets, utility models, patents, trademarks, geographical indications, industrial designs, integrated circuit layout designs, copyright and related rights, and new plant varieties.

In the case of an innovation enhancement, not only are competitors for the product class already in place, but since the innovation enhancement typically amounts to a better, faster or cheaper way to build the product, its advantages are understood and replicated much more quickly.8 Therefore, the need to use IP system tools for both types of innovations, except that there is generally a need for an innovation.