Significance of IP

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Today, possession of land, labour and capital are just not enough for a country to succeed. Creativity and innovation are the new drivers of the world economy. The policies adopted by a country shall determine the nation’s growth and further how it is developing the trapped intellectual capital. An effective intellectual property system is the foundation of such a strategy. Within knowledge-based, innovation-driven economies, the intellectual property system is a dynamic tool for wealth creation providing an incentive for enterprises and individuals to create and innovate; a fertile setting for the development of, and trade in intellectual assets; and a stable environment for domestic and foreign investment.

Globalization and the rapid proliferation of technology have elevated the importance of intellectual property protection for all. The intangible nature of intellectual property and the worldwide inconsistency of standard practices create challenges for those businesses wishing to protect their inventions, brands, and business methods in foreign markets. The three most common vehicles for protecting intellectual property are patents, trademarks, and copyrights. A few examples are:

-Music & Artistic creations (copyright)
-Brand names (Trade marks)
-Microsoft has moved from 1 patent in 1990 to over 2500 patents in 2002.
-Industrial Secrets (Trade secrets)
-Inventions & ideas (Patents)

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