Are copyright and patent laws the best way to promote and protect creativity?

Copyright and patent laws do a lot to protect creativity. But do copyright and patent laws do more to protect creativity than they do restrict it?

I believe there needs to be a way to protect and compensate people for their ideas and work. I believe a better way should be found to enable people to build and improve upon the works and ideas of others more freely. And I also believe copyright and patent protection should be made more accessible and inclusive to everyone.

Having said all that, are copyright and patent laws really the best way to "promote and protect" creativity? Is there room for improvement in the current laws and system? If reforms were made to allow people to be more creative while still ensuring protection and compensation, would everyone (individuals, businesses, nations, the world, etc) benefit from that? Or, would it be best if a new way were devised to promote and protect creativity?