‘Intellectual Property’ extensively refers to the fabrication of a rational human mind. Intellectual Property Rights or Intangible property rights rifely refer to those rights awarded to a person on such creation. It is a hamper consisting of many rights. A business organization is an economic system where goods or services are exchanged for money.
The world economy has witnessed unfathomable transformation due to the changing conditions which help in the determination of the wealth of nations. These changes have led to an increase in commercial flow whereby the interest in Intellectual Property has increased and the activities related to their protection. The technological advances in areas such as computing, chemistry, interalia have led to the demand for the creation of new forms of protection and the acclimation of existing ones.
Intellectual Property plays a pre-eminent role in any business entity and lies at the core of it. A business entity should be driven in identifying and implementing IP solutions which will, in turn, help the company reach new heights of success. The myth that only lawyers can handle or deal with IP assets is a hoax because in order for a company to position itself as a leader in the marketplace it is of utmost importance that its IP assets are managed and strategized as required. Development of skills and competence to manage intellectual property assets has become mandatory for sustainable competitiveness. Management professionals are best suited to manage and commercialize these assets in order to generate revenue.
Knowledge has become a crucial factor in differentiating enterprises from their competitors. 21st century has been called the century of knowledge. As Henry Ford has aptly stated that the only real security a man has in today’s world is the reservoir of knowledge. However, it is of Read More
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