Abstract
In the current knowledge-driven, private sector oriented economic development paradigm, Intellectual property (IP) is the backbone of any modern organisation. Technological development combined with globalisation have brought the issue of IP protection to the fore. The incentive theory regarding the patent system holds that incentives are given to enable ‘innovation’. The issue of ownership of employee inventions has continued to generate debates globally. The issue of ownership of employee inventions brings about an intersection of employment law and intellectual property rights. While IP law provide the basic rules governing ownership, this can be modified by contract between the employer and the employee. Keywords: Employee inventions, Intellectual property rights, Ownership. DOI: 10.7176/JLPG/117-08 Publication date: January 31 st 2022
Highlights
In the current knowledge-driven, private sector oriented economic development paradigm, the different types of intangible assets of a business are often more important and valuable than its tangible assets
The issue of ownership of employee inventions brings about an intersection of employment law and intellectual property rights
The parties are free to agree contractually to the amount payable for the invention; should they fail to do so, the statute stipulates that an annual remuneration is payable of at least 2% of the profits resulting from the invention’s exploitation, or 10% in the case of a license
Summary
In the current knowledge-driven, private sector oriented economic development paradigm, the different types of intangible assets of a business are often more important and valuable than its tangible assets This non-tangible form of capital is, increasingly, the largest form of business investment and a key contributor to growth in advanced economies. The push for technological advancement means that innovation-driven companies engage the services of individuals with the intellectual skill to develop new products and processes This creates an opportunity for individuals to engage in research activities which would otherwise have been too expensive or risky to undertake on their own.[6] In today’s knowledge economy, companies must constantly innovate and come up with new ideas and solutions to stay in. Associations Setting up Intellectual Property Services (ICC and WIPO 2013) 1
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