Commercialization Of Intellectual Property Rights In The Modern Economy
- IJLLR Journal
- 2 hours ago
- 2 min read
Neha Meena, National Law University and Judicial Academy, Assam
“If commercialisation is putting my art on a shirt so that a kid who can’t afford a $30,000 painting can buy one, then I’m all for it”- Keith Haring
A brand name has become an essential component of the identity. With the development of a globalized economy, to compete in a market has become more than just a business; to promote these businesses, innovations, and creativity, companies and owners are investing a great amount in advertising. Such instances help a company influence not only the consumers’ satisfaction but market monopoly. Further helps a company compete. Intellectual property rights play a crucial role in establishing these brands as an asset. Commercialization of Intellectual property rights bridges the gap between innovation and industrial application, enabling the inventors and organizations to transform intellectual outputs into economic and social value.
Intellectual property rights encompass a variety of intangible assets, such as trademarks, copyrights, trade secrets, and more, each emphasizing to protection of the unique expression of ideas and inventions in various domains. All inventions, literary and artistic compositions, and designs are protected under intellectual property rights (IPRs). The rights holders may commercialize through various mechanisms, such as licensing, franchising, and assignment. The Commercialization of IPRs can exert a significant impact on developing countries. On one hand, it promotes the economy and stimulates innovation; on the other hand, it may contribute to increased consumer prices and restrict access to essential goods and services.
Contractual agreements preferred for commercializing IP assets
There are two main points to be considered by the IP owners through which they can monetize their work: Assignment of Intellectual Property Rights and Licensing of Intellectual Property Rights. An assignment is considered a direct sale, in which the owner transfers their property to another company in exchange for an advance payment. These agreements are completed through written instruments. Through agreements, the owner is granted certain legal and equitable rights.
