Introduction
Technologies are the products of careful research and ideation. As such, it is only proper that these products be protected in order to maximize the lifecycle of a product and return on investment. It would be unfortunate for a developer to produce a product, but ends up losing profits since competitors may produce the same product. This paper will describe methods that may be applied to protect technologies and strategies that may be employed to maximize the lifecycle and profits.
Patents
Patents are an exclusive monopoly on the production of technologies and the ideas behind it. Patents last for twenty years and is considered as a reward for the development of a specific technology. Since it entitles legal monopoly, one may maximize profits due to the lack of competitors (Freibrun, n.d.).
Copyrights
Trade Secrets
Trade secrets may cover the specific processes, tools, devices, or mechanisms employed in the technology that may be left unknown to others. This protection can last as long as it should, i.e. as long as the technology is on the market. It may maximize the lifecycle and profits in a technology as other competitors will have a hard time imitating a technology despite the expiration of a patent (Freibrun, n.d.).
Conclusion
It is true that while technologies should be available to all, the developers should be properly rewarded for their effort. Additionally, these protections that may provide maximum lifecycle and profits from products may inspire others to develop more technologies that will benefit everyone.
References
Freibrun, E.S. (n.d.). Intellectual Property Rights in Software: What They Are and How the Law Protects Them. Retrieved April 14, 2016, from http://www.freibrun.com/articles/articl2.htm
