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21st Century Oil
By Amy E. Wong


Mark Getty, grandson of oil tycoon J. Paul Getty, reportedly said, “Intellectual property is the oil of the 21st century.” This is a pretty acute observation, especially from someone whose family banked big from the oil industry. It’s true, though, today’s richest men have shifted their investments from natural resources to intellectual property.

In today’s technology-driven culture, most workers spend their days creating word documents, sales advertisements, and musical recordings. These information files have major selling power and are worth a lot of money. Naturally, a company’s trademarks, patents, and copyrights--all major components of intellectual property--need to be protected.

Mary Jane Frisby, intellectual property attorney at Barnes & Thornburg, told the Indiana University-Purdue University Indianapolis Magazine, “The big companies are not the Standards Oils that Rockefeller founded. It’s Google, Amazon, AOL, Time Warner. Their assets are intellectual property assets.”

Kenneth Crow, director of Indiana University School of Law’s Copyright Management Center, said, “It’s not that intellectual property has come and found us; we’ve moved into its world.”


URL: http://magazine.iupui.edu/07/intellectual_property.html


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