Intellectual property (IP) allows companies to maximize their innovations, differentiate themselves from their competitors, while providing consumers with more choices for goods and services. IP, which is inherently pro-competitive, ensures the protection of differentiated, intangible business assets, while encouraging a dynamic market place.
Without IP, some manufacturers and service providers could try to attract consumers by copying the goods and services of more innovative competitors. The latter may lose potential rewards and any incentive to further innovate. Consumers and society as a whole lose where innovation is curtailed. Competition and IP agencies must therefore work together to ensure a balance and supportive ecosystems.
