Intellectual property rights are legal rights that provide creators protection for original works, inventions, or the appearance of products, artistic ...TheDifferentTypesofIPProtectionandWhyTheyAreImportantFebruary06th,2020‧4minreadBasicallyspeaking,intellectualpropertyrightsareacommontypeoflegalIPprotectionforthosewhocreate.Theserights,however,haveactuallycontributedenormouslytotheworld,inparticulareconomically.Manycompaniesinavarietyofindustriesrelyontheenforcementoftheirpatents,trademarks,andcopyrights,whileconsumerscanalsobeassuredofqualitywhentheypurchasingIP-backedproducts.Now,let’sgainabetterunderstandingofthebenefitsIPdeliversandhowweshouldvaluetheprotectiondifferenttypesofintellectualpropertyrightsprovide. TableofcontentsTheImportanceofIntellectualPropertyRightsWhatAreIntellectualPropertyRights?TypesofIntellectualPropertyRightsTheImportanceofIntellectualPropertyRightsThepurposeofintellectualpropertyrightsistoencouragenewcreations,includingtechnology,artwork,andinventions,thatmightincreaseeconomicgrowth.Intellectualpropertyrightsincreasetheincentivesforindividualstocontinuetoproducethingsthatfurthercreatejobopportunitiesandnewtechnologies,whileenablingourworldtoimproveandevolveevenfaster.Accordingto TheU.S.ChamberofCommerce’sGlobalInnovationPolicyCenter:IntellectualPropertyCreatesandSupportsHigh-PayingJobsIP-intensiveindustriesemployover45millionAmericansandhundredsofmillionsofotherpeopleworldwide.TheaverageworkerinanIP-industryalsoearnsabout46%morethanhisorhercounterpartinanon-IPindustry.IntellectualPropertyDrivesEconomicGrowthandCompetitivenessAmerica’sIPisworthapproximatelyUS$6.6trillion,whichismorethanthenominalGDPofanyothercountryintheworld.IP-intensiveindustriesaccountforover1/3–or38.2%–oftotalU.S.GDP.52%ofallU.S.merchandiseexportsarerelatedtoIP,andthisamountstonearlyUS$842billion. WhatAreIntellectualPropertyRights?Intellectualpropertyrightsarelegalrightsthatprovidecreatorsprotectionfororiginalworks,inventions,ortheappearanceofproducts,artisticworks,s