Why is it important to respect intellecual property?

Answer 1

Infringing someone's intellectual property rights is a federal crime; copyright infringement, for example, is punishable by fines up to $250,000. But more significantly, the intent of intellectual property protection is to encourage creation of new works by making it financially viable to create for a living.

Trademark is important to respect, because if anyone can use another company's name or logo, the consumer doesn't know what he or she is getting. Trademark is just as much about protecting the consumer as it is about protecting business.

Answer 2

The short answer is, it's the law.

The longer answer is, intellectual property protections are intended to inspire people to create, and to allow them to benefit from their creations. Without copyright, songwriters would never be able to quit waiting tables; without trademarks, you couldn't know that what's in the can marked Pepsi is actually Pepsi; without patents, drug companies couldn't afford the millions of dollars of research it takes to create a new treatment.

Answer 3

In an increasingly knowledge-based economy, many businesses deal almost exclusively in intellectual property. Even for more traditional businesses, IP laws protect everything from your business name, logo, and slogan to the content on your website.