INTRODUCTION:
Laws related to intellectual property started to develop through the evolution of the environment in various aspects and as a start for these laws, theorists made their perspectives about intellectual property through theories. In today’s world, lawmakers and judges are placed in a confronted position due to the advancement in the technological sector, and to answer those queries, the present statutes don’t have an exact explanation. Even the theories that are made by the different theorists in older days are serving in ambiguities manner.
The utilitarian theory by Jeremy Bentham states the concept of “greatest good of the greatest number” and this can be applied in the intellectual property concept which can be said as the intellectual labor that is applied in the produced work which serves the benefit of the social welfare and also benefits the creator which results in ‘wealth maximation’[1].
Intellectual property rights are the way of protecting the creative work produced by the intellect person through their intellectual labor and the reason behind this protection is just a recognition or credit for their work and also for which the person is entitled.
In both economic and non-economic activities, Intellectual Property plays a crucial role in the protection of any invention or innovation by the people who are related to it, and in the fast-growing tech sector IP plays an important part in the advancements of trends. Though there are not enough laws or a better understanding and explanation to solve the queries that arise in the tech innovations, the legislators and the judges made some effort to answer them through the current serving laws of intellectual property.
TYPES OF IPR THAT PROTECTS INNOVATIONS:
Whenever we talk about the different kinds of intellectual property rights that protect a new creation or innovation, 4 types of IP come into play: patent, copyright, trademark, and trade secret.
- PATENT OF TECH INNOVATION: A patent is the predominant intellectual right that protects the invention or innovation of an intellectual person for a certain period and during that period no other person can use, sell, create, manufacture, or export that product. Patent being an intangible asset also adds value to the business growth and profit. If a company comes up with a new invention or innovation, they need to protect that from not letting others to use their creation or innovation. The tech sector comes up with an innovation in every short-term period and to protect those products, intellectual property rights play a major role in that sector. Patents are provided for a limited period, generally 20 years from the filing date, and the same is mentioned in the Patents Act, 1970 under section 53(1)[2] which deals with the Term of patent.
- COPYRIGHT TO SAFEGUARD WORK: Creative works of ownership, such as novels, paintings, musical, or entertaining works, are safeguarded by copyrights. Most people know that patents protect inventions, but they typically avoid the patent procedure because of the time and expense of the Public Performance License. The best approach to safeguard your original works is to apply for copyright protection. When you produce original work, a set of rights known as copyrights are given to you automatically. It is a sort of intellectual property that gives you the only legal right to publish, edit, reproduce, record, perform, or make your work available to the public[3].
- TRADEMARK FOR TECH ADVANCEMENTS: A trademark is a word, symbol, logo, or any quote that represents the business or brand image of which people tend to remember the particular brand or company when they see it or listen to it in any place. As related to the protection of such trademarks, the tech world has numerous inventions or innovations for which the trademark is to be provided for the protection of their logo, name, or any other thing that comes into the picture when the subject is about the brand image. In section 25(1) of the Trademarks Act[4], 1999 it is clear that the trademark can be owned for ten years and can be renewed from time to time.
- TRADE SECRETS FOR CONFIDENTIAL INFORMATION: Any type of data that offers your company an advantage over competitors in the market is referred to as a trade secret. Trade secrets include concepts, know-how, innovations, processes, and other things. Trade secrets are essentially anything crucial to your company that has been maintained as a secret from the public for legal, ethical, or other reasons. By implementing some steps inside the company, these confidential data can be protected from not leaking outside the company and some of the steps that we can execute are implementing data privacy and restricting access to confidential data, using any tech tool like data loss prevention (DLP) to monitor and protect the confidential data, etc.[5]
IMPORTANCE OF IPR IN TECHNOLOGICAL ADVANCEMENTS:
The role of intellectual property rights in the growing tech sector has a greater part in the protection of any invention from the legal perspective and is a moral right of the inventor to obtain protection rights which stimulates other people to create something new and get protection for the same. The protection of any new invention is made for various reasons such as an incentive, legal protection, reputation, and revenue generation. In every stage of growth in the tech sector intellectual property has a part of play and IPR is considered as a must-required element in the tech sector. some of the important factors that show the importance of technological advancements, they are:
- INCENTIVES FOR INNOVATION: IPR gives the granted rights over the invention or innovation of a product by the inventor which is produced through the intellectual labor for which they are entitled. Providing this protection for the products encourages individuals or companies to spend more time and resources to invent or innovate something new to the industry from which everybody can benefit.
- COMPETITIVENESS IN THE INDUSTRY: Businesses can gain a competitive advantage by protecting IPR. Companies may stand out from the competition and provide innovative products or services by safeguarding their intellectual property. Businesses must safeguard their ideas in the technology sector because new things are invented or innovated daily to stay competitive. Developing something new makes the person to be unique in the competitive industry.
- LEGAL PROTECTION FOR THE ADVANCEMENTS: Companies that hold IPR may benefit from legal protection, enabling them to pursue legal action against others who violate their IPR. Businesses in the tech industry must safeguard their intellectual property in order to pursue legal action against people who violate copyrights and other types of intellectual property theft.
- REVENUE GENERATION: IPR has the potential to be an impressive source of income for companies and by safeguarding their intellectual property, businesses may create a new source of income by charging authorization charges for the use of their patents or trademarks. Data and information are key assets in the tech industry, therefore securing them through IPR may assist businesses in making money through licensing deals and other types of monetization.[6]
CONCLUSION:
The tech industry has been constantly evolving and making a huge growth in terms of technology and to pace with that IPR also has a part in it which makes revenue as well with the protection. The different types of intellectual property such as patents, copyrights, trademarks, and trade secrets are involved in the protection of any invention or innovation of a new product by an individual or company. Apart from looking at the protection of any IP from the legal perspective, it is also the moral right of the inventor to claim and it should also be seen in the way of incentive for the invention or innovation. The tech industry has always been in the process of inventing something new through which they can also generate revenue by charging authorization charges for the protection license. As intellectual property protection is claimed for all inventions and innovations in all industries, the tech industry also needs to give more attention to the IPR to be competitive in the market. Thus, intellectual property right has an important connection with the technological industry for their inventions, innovations, or advancements.
Author(s) Name: Anbarasan E (Alliance University, Bangalore)
References:
[1] William Fisher, ‘THEORIES OF INTELLECTUAL PROPERTY’ (Berkman Klein Centre) <https://cyber.harvard.edu/people/tfisher/iptheory.pdf> accessed 15 August 2023
[2] The Patent Act 1970, s 53(1)
[3] Khushbu T, ‘DOES COPYRIGHT PROTECT INVENTIONS AND IDEAS?’ (Vakil Search, 10 August 2023) <https://vakilsearch.com/blog/does-copyright-protect-inventions/> accessed 16 August 2023
[4] The Trade Marks Act 1999, s 25(1)
[5] Amit Jaju, ‘HOW TO PROTECT YOUR TRADE SECRETS AND CONFIDENTIAL DATA’ (The Economic Times, 5 March 2022) <https://economictimes.indiatimes.com/small-biz/security-tech/technology/how-to-protect-your-trade-secrets-and-confidential-data/articleshow/90010269.cms?from=mdr.> accessed 17 August 2023
[6] ‘IPR PROTECTION IN DIGITAL TECHNOLOGIES’ (Confederation of Indian Industry, 25 March 2023) <https://www.ciiblog.in/ipr-protection-in-digital technologies/#:~:text=Some%20of%20the%20strategic%20importance,from%20being%20stolen%20or%20misused> accessed 18 August 2023
