Mastering Intellectual Property in Global Business

Abstract

This chapter reveals the overview of intellectual property (IP), the perspectives on intellectual property rights (IPRs), the importance of IP in global business, and the importance of IPRs in global business. IP is an asset category involving four distinct types (i.e., copyrights, trademarks, patents, and trade secrets). Many industries rely on the adequate enforcement of their copyrights, trademarks, and patents, while consumers utilize IP to ensure they are purchasing the guaranteed products. IPRs promote the confidence and ease of mind that consumers demand and markets rely on. Enforced IPRs ensure products are authentic, and of the high quality that consumers recognize and expect. The chapter argues that IP stimulates innovation and economic growth, as it helps bring in monetary returns, build brand visibility, and enhance business success in the digital age.