Intellectual property rights and entrepreneurship


People have ideas all the time. In business, new ideas can lead to new products and services. They can lead to a better way of doing something. Ideas can come from existing businesses through research and development. For example, Apple, an established technology company, developed the iPod. Ideas generate value to the economy by encouraging people to buy or invest in new developments. Many ideas come from entrepreneurs who go on to start up new businesses. They also inspire competitors to invent new products in order to regain market share. Intellectual property rights (IPR) can be used to protect the technology, brand name, design and creativity behind the concept. It gives the creator sole ownership of the concept, in a similar way to owning physical property like a house or car. Owners can control the use of their intellectual property to gain financial reward. The UK Intellectual Property Office (UK IPO) helps owners and entrepreneurs to protect their concepts or creativity by registering their intellectual property rights. What is an entrepreneur? An entrepreneur is someone that creates a new business. This can carry a high risk because it requires money to set up a new business without knowing if it will…

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