The Role of Intellectual Property (IP) Strategies and Management in Enhancing Business and Competitive Advantage
Keywords:
Intellectual Property, Management, Policy, Strategy, TechnologyAbstract
Today, the world is known for its technological advancements and positive changes made by them. Intellectual Property is one of the major reasons behind the development, as it encourages not just the companies but also the governments to work ahead of the same. Like any other property, intellectual property has value, and the same can be utilized in expanding the business as well as helping the country at large. Today, every company, industry, and even educational institutions are looking forward to owning more and more Intellectual Property so that they can stand high in a competitive market and promote themselves on a higher note. With IP having this rate of demand, there is a concern of how, what, and why? With everyone owning, using, and registering for different types of IP, the obvious question is how to strategize and manage IP efficiently so that maximum benefits can be taken from it. Intellectual Property Rights is a branch of Law, and the strategy and management deals with the managerial aspect; hence, there is an intersection between the law and management that has to be dealt with for efficient business policy. The paper aims to look into efficient policy within the IPR Laws, Competition Laws, and management aspects. Secondly, the paper will be dealing with the type of IP strategies and management required in the Indian market and different types of industries using case studies. And thirdly, the paper will analyze the best practices around the world topinpoint the recommendations and suggestions.
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