KEY BUSINESS CONCERNS IN COMMERCIALISING INTELLECTUAL PROPERTY :

Intellectual Property Rights have become a significant factor in both creating and using ideas that are translated into knowledge and inventions to promote innovation and economic growth. With the advent of an increasingly knowledge-based society, grant of intellectual property rights ensures that innovators and creators have sufficient incentive to bring their works to market and to build on the innovations and creations of others for the benefit of society. As innovation and creativity are essential for sustainable growth and economic development following core conditions enable innovation and encourage economic growth:

− strong standards and effective enforcement of intellectual property rights,

− vigorous competition and contestable markets,

− open trade and investment in a stable economic environment,

− strong and sustainable fundamental research and development infrastructure,

− sound policies and mechanisms to promote interface between science and innovation,

− efficient and transparent regulatory systems, and

− ethics and the rule of law.

Intellectual property protection is one of the central public policy considerations of knowledge based industries and global markets. Rapid changes in key technological, economic and social drivers underscore the importance of intellectual property as it provides an increasingly critical legal and policy instrument for encouraging innovation, stimulating investments needed to develop and market new innovations, and diffusing technology and other knowledge in economically and socially beneficial ways.