The security of Intellectual Property Rights emerged first arose in 500 BC and has come a long way since then so as to fully recognize and answer our requirements.
The World Intellectual Property Organization, United Nations agency specialized in protecting intellectual property via an international system, together with numerous Treaties propagated by the World Trade Organization makes sure to protect Rights all around the globe. The safeguarding of rights is crucial for the advancement of technology innovation in any sector, consequently making way for inventions and creativity.
Each year, on the 26th of April, Intellectual Property Day is celebrated for the purpose of generating awareness in individuals regarding the importance of these rights held by both manufacturers and inventors.
This year’s World IP Day was themed “Reach for Gold: IP and Sports”. Sports have moved on from being only a recreational activity to being a billion-dollar business. An instance in the significance of IP Rights in Cricket. Birthed in South East England in the 16th century, Cricket has grown to become an international sport. Alongside it, business such as cricket equipment, cricket tournaments, snacks sold during such tournaments, have also advanced.
Numerous features of IP Law come into play when it comes to any sport. These include Trademarks, Copyrights, etc. Generally, IP Rights are vital to sports and aid in its advancement. Businesses of sponsorships, broadcasting, etc., bring much profit to the game.
For starters, branding is key to the financial success of any sport. To promise protection, logos, team names etc. need to be registered as a trademark. If not registered, these may be used by anyone in the world, consequently getting unnecessary advantages. Furthermore, the names of the players need to be registered as well since numerous brands use them for their publicity.