The World Intellectual Property Organization Essay

Intellectual property is an asset to an individual or a business. Even though intellectual property is intangible, it is very important to protect it. Protection of intellectual property can be one of the most important business decisions one can make. The World Intellectual Property Organization (n.d.) states intellectual property refers to creations of the mind. This can include inventions but also includes literary and artistic works, as well as symbols, names and images used in commerce. The World Property Organization (n.d.) categorizes intellectual property into two categories, which are industrial property and copyright. Industrial property includes trademarks, patents for inventions, and industrial designs and geographical indications. Copyright includes music, films, literary and artistic works (World Intellectual Property Organization, n.d.). The World Intellectual Property Organization (n.d.) helps one understand the importance of protecting intellectual property. They have spelled out several reasons of this importance including inventing new works in technology and culture, which allows progress to be made that, can be utilized worldwide. In addition, the legal protection of intellectual property encourages the commitment of additional resources for further modernization. Finally, promoting and protecting intellectual property encourages economic growth. It creates new jobs and industries. Protecting intellectual property also enhances the quality andShow MoreRelatedThe World Intellectual Property Organization1357 Words   |  6 Pagescounterfeiting terms refer to the goods that come into the market with no permission from the owner. Therefore, to protect the individual comes in â€Å"intellectual property which refers to the creations of the mind: inventions, literary and artistic works; and symbols, name and i mages used in commerce†. (World Intellectual Property Organization. What Is Intellectual Property?N.p., n.d. Web. 25 July 2016). 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