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According to a report by the Congressional Joint Economic Committee, IP infringement harms companies through:
- Lost revenue
- The cost of IP protection
- Damage to brand
- Decreased incentives to innovate due to potential theft
Piracy and counterfeiting are helping to slow our country’s economic growth! Computer based piracy is a major factor in piracy in general, because software, music, and movies are so readily available to download for free with some quick searching.
For physical goods, the report shows that while small businesses represent 79 percent of all U.S. businesses, only 10.5 have actually issued Intellectual Property complaints. This is because small businesses often lack the budget and resources to defend themselves in a case and time. On average, one-third of all IP cases took over a year to resolve.
Read more of HG.org’s article here. What are your thoughts
on IP infringement? Is it something the United States can adequately stop if
most of the counterfeit merchandise is coming from out of the country? Let us
know on our Facebook page!
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