Management of innovation Essay Example | Topics and Well Written Essays - 1250 words

Management of innovation - Essay Example Just like any real property, the intellectual property can also be sold. Additionally, intellectual property is owned by the person or persons that came up with the concept or ideas first. The reason why the intellectual property is bound by law is to exclude other people from using the intellectual property at hand without the owner’s consent, or depending on the law, the owner may protect against anybody using their ideas for financial purposes. This paper will discuss whether the intellectual property protection is beneficial, or whether it is a hindrance to innovation. The intellectual effort of an individual should be protected against abuse by other people or organizations. Protection acts as an incentive to the innovator, and inspires them to continue with their original work, and this improves the living standards of the innovator, and consequently propels the economic development of any nation (Ahearn 2012, p. 45). Intellectual property is very important to capitalists because this helps companies to become unique and very competitive as well as enhancing the economic growth, of the innovator, the investor and the entire nation (Bernstein 2010, p. 72). Intellectual property plays a very important role in the economic development and stability of states and nations. Most individual innovators and companies rely on the legal protection of their intelligent quality products for financial growth and constancy. Intellectual property plays a major role in the employment sector, with known intelligent quality companies creating jobs to millions of young innovators across the world (Sichelman 2010, p 347). Studies have shown that the employees in the intelligent property companies earn 30% more compared to their counterparts in other companies therefore creating a financial stability and satisfaction (Puric, Puric, & Vlaskovic 2013, p.