Details: The rapid transition to a knowledge-based economy has led to a departure from onsite managerial supervision of full-time employees working within a central corporate or regional location....

RUNNING HEAD: Assignment        6
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October 31, 2017
1. Intellectual property consists of intangible assets such as copyrights, trademarks and patents. Intangible assets are thus original creative work that is manifested in a tangible form which can be further and legally protected. Intellectual property like these must also encompass variety of rights and items that are owned by the small businesses. Intellectual property can be safeguarded by the help of laws and these also grant certain time-limited rights that can rather control the use of intellectual goods and services (Nath Saha & Bhattacharya, 2011).
The reason why such intellectual property rights exist in reality is due to presence of globalization of trade and rapid changes in technological innovation. Even systems have been evaluated where training in various forms such as treaty negotiation, legal and technical assistance has been included in the area of enforcement (What is Intellectual Property, 2017).
The value of intellectual property rights have increased throughout since it protects undisclosed information that also serves as the protection for industries, research and development institutions and even with agencies who deal with such intellectual property rights. With the help of intellectual property rights, organizations can safeguard their trade secret, confidential information such as formulas, method or technique. Over the years, the importance of intellectual property rights has increased since more frauds are taking place in the modern business. An example of such violation of intellectual property rights can be seen in the case of Nationstar Mortgage LLC v Ahmad where fraud in procuring trademark registration was done with the intention of cheating the U.S Patent and Trademark Office (USPTO) (Rosenberg, 2015).
2. Business leaders can best manage the trademarks, copyrights and patents by protecting such intangible assets. These intellectual property rights are very crucial when it comes to performing any kind of business activity or even for the survival of the business in general. Business leaders must therefore take necessary precautions and significant steps to protect such intellectual property rights as there are many companies whose existence and survival depends on their ownership and control of intellectual property. There are many companies whose existence and survival depends upon their ownership and control of the intellectual property. To protect all intellectual property rights in the organization there must be enough control on the commercial exploitation as this also helps in maximizing revenue for each aspect. A written agreement can thus be entered by the business leaders which reflects the company’s intentions and their rights extension regarding the outcome of a creative endeavor. ("What Can You Protect? Types of Intellectual Property", 2017).
Intellectual property rights that legislates promotional technologies also mitigate and work towards sustainability. Multinational companies have also accepted that there are various risks such as social and...