Established by the World Intellectual Property Organization in 2020, its advocates propose encouraging a wide variety of intellectual goods for world development.
IP laws and regulations acknowledge original intellectual and research outputs as belonging to the author or the producer for a period of time, and cannot be copied or modified without proper arrangement with the author.
IP laws allow people to have the right to protect their original ideas and prevent unauthorized copying or modifiying. The creators derive economic benefit from the information and intellectual goods they create. Such economic incentives and legal protections encourage more creative innovation and contribute to progress in technolgy and human resources development.
The widely acknowledged types are patents, copyrights, trade marks and trade secrets.
The purpose of the IP Day is to encourage and raise awareness about the need for innovations and also for the need to protect intelectual property rights. For a better future, innovations, inventions, experiments, researches, etc. are key elements. The world runs on the fuel of ideas.
“Forget land, buildings, or machines-the real source of wealth today is intelligence, applied intelligence. We talk glibly of “intellectual property” without taking on board what it really means. It isn’t just patent rights and brand names; it is the brains of the place.” (Charles Handy)