Intellectual property (IP) is one of the fastest-growing industries worldwide. It fosters innovation among businesses by protecting their intellectual assets and also helping them in generating additional income by exploiting their IP assets. Intellectual property rights are the best means to protect a person’s creation, and the rationale behind this protection is that it provides economic benefits to the owner. It acts as the fruit for the hard labour and effort that the owner/inventor has put in his work. In the context of a business model, especially those which are providing service or technology-driven, IP assets have started gradually replacing the traditional tangible assets. IP assets have gained much more value due to the technological revolution which has occurred in the past two or three decades and an increase in competitiveness, which have made businesses realize their role in their survival.
This paper introduces IPR in a general manner and then explains the idea of how IP assets are significant in creating economic value in the context of a business. It further focuses more on Patents which is primarily one of the most important intellectual property rights when it comes to innovation and technology and how their use can favour businesses exponentially in a tough market. The paper also contains some useful case studies on different aspects of IP and also on why innovation is the deciding factor of any company’s fate. Lastly, before the conclusion, the author has given a detailed explanation of Intellectual property Management (IPM) and different IP management strategies which are significant for the acquisition, enforcement and exploitation of IP assets.