Strategy for Developing Intellectual Property and its Relevance in Maximizing Benefits for an Organization: A Review of its Technicalities

Abstract

In recent years the entire globe has witnessed a magnificent growth in the sectors of technology and creative industries which in turn has increased the concern of private enterprises for the development and management of Intellectual property (IP). IP includes those inventions -literary or artistic work, design, symbols, names, images, or any other intangible creations which, just like any other property, can be owned, developed, and managed so that it provides maximum economic benefit in return to the owner or author. In today’s world IP has evolved as an essential asset generating medium to the enterprises and is also immensely contributing to the country’s economy. Many countries also perceive IP as an important determining factor of its economic policy. However, the development, accumulation as well as the use of such assets in the form of technologies, products, and services require strategic plans to get a better financial return. This paper focuses on what IP strategies mean, and what are the various objectives which such proactive and strategic plans seek to achieve. It also reflects on the necessity of such strategies and what benefit it causes to business enterprises and lastly this article also outlines the ways these strategies can be developed.