Intellectual property can comprise of several various areas, from logos and business identity all the way through to goods and services together with processes that typically differentiate the business offering. Some of the reasons that make the intellectual property needing various legal protections include the urge to keep ideas (Buchanan & Wilson, 2014). When there is an excellent idea for a product or a service, there will at all times are individuals who will want to copy the success and design and later sell the thoughts as their own. Relying on personal circumstances, one can use patents, copyrights or trademarks all of which cover various areas of intellectual property. Another reason involves the urge to safeguard business development as it is significant to protect any different goods and services that one possesses as competitors are likely to use the success in taking away market share hence leading into slow development and loss of financial resources. Protecting intellectual property is well worth the time and effort, and it is not as difficult as other people may perceive.
Buchanan, J. A., & Wilson, B. J. (2014). An experiment on protecting intellectual property. Experimental Economics, 17(4), 691-716.