The importance of intellectual property rights has become increasingly high profile of late as battles regarding patents rage on the global corporate stage.
High-profile cases such as the “patent war” wages between technology giants Apple and Samsung, have highlighted the issue, with experts confirming that these publicised cases are merely the tip of the iceberg.
Mark Lemley, professor at Stanford Law School, told the Financial Times that patent litigation has “skyrocketed over the past few years” in the corporate world.
With threats coming in the form of competitors and patent trolls – which are set-ups that seek to buy up numerous patents and then “rent” their application – companies are ploughing vast sums of money into developing and protecting their patents.
They are also looking for new ways to protect their rights from infringement and this goal has now become a “substantial part” of their business, Lemley confirmed.
“If you want to be in business today, you need to know about intellectual property law. IP touches so many areas,” Maureen O’Rourke, dean of Boston University School of Law, told the publication.