Cultivating Innovation: A Comprehensive Analysis of Intellectual Property Laws and Economic Growth
Anitha F N D’Souza1* and H Sai Sundar2
1Principal – BMS College of Law, 64, 11th Cross, 3rd Main, Shreyas Colony, J P Nagar 7th Phase, Bengaluru
2Head of R&D – Blaxol Risensi LLP Blaxol Towers, 30, 2nd Floor, 4th Cross, Jayanagar 7th Block, Bengaluru
*Corresponding Author: Anitha F N D’Souza, Principal – BMS College of Law, 64, 11th Cross, 3rd Main, Shreyas Colony, J P Nagar 7th Phase, Bengaluru.
Published: October 31, 2023
Abstract
This research paper thoroughly investigates the complex interconnection between intellectual property laws and economic progress, providing a detailed analysis of their influence on fostering innovation. Through a methodical exploration, this study traces the historical evolution of intellectual property laws, scrutinizing patents, copyrights, trademarks, and trade secrets. The paper delves into how intellectual property laws play a crucial role in encouraging innovation across diverse sectors, underscoring their importance in attracting investments, promoting entrepreneurial endeavours, and driving technological progress. Utilizing an extensive literature review and case studies, the research sheds light on the challenges encountered in the implementation of these laws, including concerns about accessibility, patent trolling, and ethical quandaries.
Moreover, the study puts forth policy recommendations for policymakers, advocating for balanced intellectual property laws that safeguard the rights of innovators while ensuring fair access to knowledge. The paper also underscores the significance of global collaboration and the standardization of intellectual property norms to establish a supportive atmosphere for innovation and economic advancement worldwide. By offering valuable insights and actionable suggestions, this research paper significantly enhances our comprehension of the pivotal role played by intellectual property in shaping a dynamic, inventive, and just society.
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