Joint Venture Companies - issues with Intellectual property protection Essay

Joint Venture Companies - issues with Intellectual property protection and Technology Transfer - Essay Example In addition, around half do not perform to the expected strategic and financial prospects set by either of the individual investing companies. The creation of joint ventures is somewhat problematic because the individual companies are separate entities having diverse interests, the association with the business venture is intricate, and the staffing is an issue because the employees are drawn from each parent company. Nevertheless, they have their own merits such as reducing the risks, when entering new markets, and enabling each company to obtain skills they lacked in their workforce to set up the business. With this knowledge, the paper will be divided into two parts. Part A will look at the issues that foreign partners face when they enter a market where the intellectual property rights are normally protected in a poor manner. Part B will focus on the intellectual property rights in the Russian market with the example of one joint venture company. There is a lot of concern considering Intellectual property rights. However, before looking at the effects and impacts of intellectual property rights it is essential to have a clear aspect of what they really are. Intellectual property right is wide-ranging terms that is utilised to imply things such as trademarks, trade secrets, patents, copyrights and many more kinds of rights that are provided for by the law to guard originally developed things. In additions, it also includes the protection of the knowledge that has been created because of the invention. However, the knowledge can be shared, as it is not a physical thing. The reason is that the success of a society is dependent upon the sharing and using of that knowledge, without which development cannot occur. Nevertheless, this is a tricky affair because, when that knowledge becomes free for all, then it beats logic. It beats logic because the