What Is the Economic Significance of IP?

To start with, methods of doing business have changed over the years. People in the generations before us tended to focus on traditional businesses.

This in turn meant that their level of success or wealth was determined by how much actual property they held in their hands.

For example, a person’s business success may have been determined by the number of houses they owned and rented out, or the amount of land or they held.

But technologies and lifestyles have changed drastically over the past few decades, and these days a large portion of valuable property is intellectual and intangible.

This intellectual property can be in the form of music, art, software, and other manifestations. These forms of IP have a lot of commercial weight attached to them

For example, let’s take companies like Google, Apple, and Facebook/Meta. All these software-based companies have pretty much all their business assets in the form of property that we can’t touch; ie, intellectual property.

If you are a person who is creating anything- music, art, literature, or software, you’ve handled IP yourself. Any kind of creation that’s happening through your mind and is a product of your brain is IP.

This IP should ideally be protected. Protecting IP will help you accumulate wealth in today’s IP-saturated and IP-based era.