Final answer:
An inventor needs to protect their invention from rivals by obtaining intellectual property rights such as patents and copyright laws. These rights give the inventor exclusive legal rights over their invention or creation, preventing others from copying or profiting from it. The duration of protection can vary, with patents typically lasting around 20 years and copyright protection lasting for the author's lifetime plus 70 years.
Step-by-step explanation:
An inventor needs to protect their invention from rivals by obtaining intellectual property rights such as patents and copyright laws. Patents provide the inventor with the exclusive legal right to make, use, or sell their invention for a limited time, preventing rivals from copying or profiting from the invention. Copyright laws protect works of literature, music, film/video, and pictures, giving the author exclusive rights over their creations.
By having their invention protected, an inventor can enjoy exclusive rights to their product or process for a specific duration. This allows them to earn monopoly profits without facing competition, which provides an incentive for research and development. For example, a pharmaceutical firm with a patent on a new drug can prevent other firms from manufacturing or selling the drug for a designated period, ensuring the inventor can capitalize on their innovation.
However, the duration of protection provided by intellectual property rights can vary. For patents, the period of exclusivity is typically around 20 years. Copyright protection for works of literature, music, film/video, and pictures generally lasts for the lifetime of the author plus an additional 70 years.