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How IP Plays a Crucial Role in the Innovation Process

Technologies and creations that have touched and changed umpteen lives would have probably not existed today without the incentives proffered by intellectual property.

Intellectual property as an essential ingredient to spur innovation and entrepreneurship, aids businesses to develop ICT solutions, create jobs and wealth and most importantly to compete successfully on a global scale. The dissemination of ideas, knowledge and information necessary to stimulate creativity and innovation is encouraged by intellectual property rights, especially through filing of patent applications.

Patent applicants are obliged to publish the details of their inventions in exchange for its protection. Thus published patents and patent applications are a rich repository in technical and scientific information that are accessible to all through patent office databases of different countries. This humungous knowledge pool made available through the patent system stimulates further research and development, thereby creating a virtuous cycle of innovation.

Intellectual property protection fosters this virtuous cycle of innovation and creation. It ensures that rewards typically flow to those who improve upon previous works and inventions and that these new ideas, in turn, can be used by still others. This continuous process lies at the heart of long-term economic growth of a nation. CoE-IP provides whole gamut of services related to identification, protection and maintenance of IP assets.

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