Answer:
Ans. Intellectual property rights play a crucial role in entrepreneurship development.
(a) Intellectual Property (IP) systems can be critical in helping new ventures transform their innovation potential and creativity into market value and competitiveness.
(b) Intellectual Property rights (IPR) allow innovative entrepreneurs to protect their inventions.
(c) They may also have multiple other functions, such as signaling current and prospective value to investors, competitors and partners, accessing knowledge markets and networks, and preventing rivals from patenting related inventions.
(d) Evidence at the firm level indicates a positive correlation between patenting and new ventures growth, access to venture capital and survival. Data shows a huge upsurge in patent applications in the last decade, with a strong variation in the share of young patenting firms across countries.
(e) Effective IP systems can facilitate access to finance and the development of markets for technology, both of which help innovative entrepreneurship.
(f) Such systems also provide incentives to invest in R&D and innovation, and can encourage technology co-operation with firms, universities and PRIs.
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