Intellectual property being included to become a part of the procurement process will benefit both the government plus the contractor in a number of ways. First of all, the government including the contractors will have an opportunity to make money (Lester, 2009). In ensuring that the contractor’s invention is regarded as his or her own property will ensure that the contractor receives the sum of money accrued to his or her invention. Moreover, the government will also be making money through imposing taxes and other levies of the invention.
Intellectual property being included in the procurement process will also encourage technological advancements. Many people will be encouraged to come up with their own investigations as the government offers protection to the original owners of the given invention. This kind of policy will also act as an economic incentive and result to many investors working their way up to gain intellectual property rights (Lester, 2009). One of the components that steer economic growth in a given country is technological advancement, and such a policy will provide the right incentive for this to occur. Advancements in technology will on the other hand lead to creation of job opportunities. Increase in employment opportunities in a country is a good indicator of economic development. Therefore, U.S economy in the long run will be boosted by this policy that advocates for intellectual property being included in the procurement process (Lester, 2009).
Lastly, businesses will be encouraged to grow. There are a number of businesses that depend on the contractors to get jobs. Amidst the growth of businesses of the contractors, the same will occur for them. In the long run, this policy will be best beneficial to both the government and the contractor.
Works Cited
Lester, A. (2009). Socio-Economic Benefits of Intellectual Property Protection in Developing
Countries. New York: World Intellectual Property Organization.
