1 Without intellectual property rights, technology investment cannot be made.
Specifically, the lack of intellectual property rights means that you have no ownership rights to a certain technology (or other intellectual resources), that is, the technology is either a publicly known technology or has intellectual property rights owned by others. What got you into technology investing?
2 Of course, in order to prevent communication errors, it is still necessary to define a concept - what is "no intellectual property rights"? Many people confuse the concepts of intellectual property and patents. In fact, intellectual property is a very broad concept. Even if you do not apply for a patent for some technologies, protection in the form of technical secrets or other forms still means that you own the intellectual property rights of the technology.