Business Implications of Patents and Copyrights: A Report

This report analyzes the implications of patents and copyrights on businesses and the economy. It explores the advantages and disadvantages of both, highlighting the importance of balancing strong and weak patent protection. The report argues for modifications to the current system to promote innovation and protect both businesses and consumers. It discusses the impact of patents on firm productivity, market value, and employee value, while also acknowledging the potential drawbacks such as high costs and hindrances to innovation. The report references key sources to support its analysis, emphasizing the need for a balanced approach to intellectual property rights to foster optimal innovation and economic growth. Overall, the report provides a comprehensive overview of the complexities surrounding patents and copyrights and their impact on the business landscape, making it a valuable resource for understanding these critical aspects of intellectual property.

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A patent can be said to be an exclusive right granted by an administration to an investor
for a limited era in exchange for a comprehensive public disclosure of an innovation (Garwood
and Joseph). Copyright on the other hand can be said to be legal right(s) created by the judiciary
of a nation that permits an inventor exclusive rights for freely distributing and using the created
product for a limited period of time ( Jason ).
In my view, the patent and copy right system in the U.S is neither optimal nor the worst
hence it should be modified for the purpose of the common good. This is because intellectual
property serves as the foundation of innovation in our economy ( Jason ). Patents and copyrights
have both advantages and disadvantages pertaining to business people and to the economy.
Patents should be modified and made average since too weal patents may make it extremely
expensive when the cases of consumer protection are concerned ( Jason ). Patents should also be
present and should also be firm since they will help employees in the quantification of their

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value. The latter will also help the employees in the reorganization of the exact skills and results.
The positive impacts include; increases firm’s productivity and market value, applications by
upcoming firms enhances correlation with higher valuations by innovators (Stim and Richard).
Despite the positive impacts, patents and copyrights have negative implications which
include; it can be an expensive process especially for young firms plus it in hinders innovation
due to its high initial and maintenance cost (Garwood and Joseph). The patents and copyrights
should be modified because weak patent protection can lead to suboptimal innovation due to its
insufficiency ( Jason ). Also weak rights inhibit innovation by causing difficulties for workers to
quantify the value of work. Weak patents can easily lead to innovations that are not at the
optimal level because the optimal payoffs for the investors are not be sufficient. Too strong
rights also cause a number of problems despite it essential for companies to apply in their day in
activities. Hence too-strong rights are not suitable for business hence should be modified (Stim
and Richard).

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Work cited
Jason , Wiens .HOW INTELLECTUAL PROPERTY CAN HELP OR HINDER
INNOVATION. Kansas City, Missouri, 7 APRIL 2015.
Garwood, Max and Grisham Joseph. The patent. San Fransisco: pegwood publishers, 2014.
Stim, Richard and Stim Richard. Patent,copyright and trademark. calif: Nolo press, 2016.