IP protections are key to innovation – profit motive encourages new products
Deel, American Public University Business School associate professor,23
[Gary, 7/13/23, American Public University, “What Is Intellectual Property Law? And Why Does it Matter?”, https://www.apu.apus.edu/area-of-study/security-and-global-studies/resources/what-is-intellectual-property-law/#:~:text=IP%20Laws,variety%20of%20products%20and%20services, accessed 7/11/24, LR]
Why Does Intellectual Property Matter?
IP rights are important because they encourage creativity and innovation. By giving inventors and creators exclusive rights to their work, intellectual property laws allow them to profit from their investments and recoup their research and development costs. This, in turn, encourages them to continue to innovate and create new products and services that benefit society.