INTELLECTUAL PROPERTY RIGHTS AND THEIR ROLE IN BUSINESS INNOVATION

Abstract

This article examines the role of intellectual property rights in promoting business innovation. It analyses the legal protection of patents, trademarks, and copyrights, highlighting how intellectual property frameworks encourage research, safeguard creativity, support economic growth, and strengthen competitive advantage in modern business environments. Intellectual Property Rights IPRs play a crucial role in promoting innovation, creativity, and economic development in modern business environments. By granting creators and businesses exclusive rights over their inventions, designs, trademarks, and creative works, IPRs encourage investment in research and development while ensuring that innovators can benefit from their efforts. In the global knowledge economy, businesses rely heavily on intellectual property protection to maintain competitive advantage and stimulate technological progress. This article examines the concept of intellectual property rights, their various forms, and their significance in fostering business innovation. It further explores the challenges associated with intellectual property protection and highlights the importance of effective legal frameworks in supporting innovation-driven economies