Article
From Innovation to Commercialization: The Role of Intellectual Property Law in Business Development
The paper explores the complex nature of the intellectual property law in converting innovative ideas into commercial products and services. It explores the role played by robust intellectual property systems including patents, trademarks, and trade secrets in protecting innovative output and also providing business growth and competitive power. Namely, the review paper will focus on the complex relationships between intellectual property rights and different business development phases, starting with the original ideation and ending up with market penetration and expansion. Also, the analysis suggests the essential role of IP licensing as the means of promoting innovation and supporting the creation of a new business. It also takes into account the effect of IP on the reduction of risk and the acquisition of critical startup funds, as well as its role in research and developing projects. In this paper, the strategic worth that the intellectual property management, especially the patenting process holds to firms that aim to seize and utilize their innovations, in knowledge based economy has also been explained.