Evaluation of Significance of Ipr for Securing or Protecting Inventions and Innovation

Purpose – Intellectual property rights termed as creative expressions, ideas and inventions used for bestowing the property status. It provides exclusive rights and authorities to creators or the inventors of property for reaping commercial benefits using creative reputation or efforts. The purpose of paper is to evaluate significance of IPR within business that is essential for securing or protecting inventions and innovations by applying various tools and policies.Methodology – The present research has been undertaken using qualitative research applications by researcher through existing articles and books with motive of collecting vital information and acquiring key findings for accessing correct results from research which will help in achieving the research objectives by conducting several activities. For analysing fair outcomes, latest data and information is analysed by researcher.Findings – The businesses now-a-days has to use intellectual property system for securing their manufacturing practices and vital information for remaining ahead in market competition. Even policies and tools of IPR used in business provide help in boosting profitability by not letting other of taking advantage of firm's goodwill. This makes IPR important for current business for maintaining long term survival in market.Conclusion – The role of business in applying intellectual property rights contain benefits and limitations too. The application of IPR obtains several benefits such as no fees linked, provides competitiveness, enhances business value, better marketing for products, high opportunities for export and easily arranges finances. It is even disadvantageous to the business such as additional costs, reduced quality and pirating