SMEs are the backbone of the economy, and globalization, it is believed, has fueled competitiveness in the global market. SMEs play a vital role in the countries overall production network as well as economic growth. Developed countries have historically succeeded because they focused on SMEs and innovation. Making up around 90% of the world's businesses, SMEs are essential contributors to the countries' job creation and economic development. With the support of Intellectual Property (from now on IP) rights, an idea can be turned into a business opportunity that generates value, enriches the market, create jobs, offering customers a variety of choices and better products and services. SMEs can use their IP to build strong, expand, become resilient, competitive and create more employment. With the help of this report, you will get to know how IP can benefit SMEs in making their business grow while protecting their brand. This report will also explain the current scenario of SMEs in India and their IP protection. This report further establishes how IP can become an economic tool for the challenges faced by SMEs in implementing IP systems. Keywords: - Intellectual Property, SMEs, IP, economic growth, innovation Research Methodology: The present report is based on secondary research. The data was gathered through scholarly articles, journals, reports, government websites, books, etc.
Research Gaps: -
1. In the current scenario, IP is looked at as a legal monopoly right for SMEs that can accelerate the growth & success of a business entity and is considered a worthy investment.
2. The government has taken several initiatives to make SMEs aware of "what is IP" and how IP is vital for their business.
3. Although, very few SMEs invest and safeguard their IP to protect their brand, products, and inventions. In India, 85% of the IP filings are done by MNCs, while only 15% of the filings include SMEs and other individuals.
Research Questions: -
1. How can Intellectual Property foster innovation, growth, and success in SMEs?
2. Is investment for the protection of the assets via IP worth it
Intellectual Property (IP) is key anxiety in the quest for development, growth, and attractiveness. In the increasingly knowledge-driven economy, IP is a key consideration in day-to-day business activities. IP should be seen as a powerful tool for economic growth instead of an obscure legal concept. IP plays a vital role in accelerating economic growth and inducing technological change. Although its value is often not adequately appreciated, its potential for providing future opportunities and income is highly underestimated by Small and Medium-Sized Enterprises (SMEs). But IP can become a significantly valuable business asset when legally protected, and there is a demand for the product in the marketplace that is IP protected.
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