Creation, protection and management of intellectual property (IP) will be a key factor in successful knowledge or technology management in the twenty first century knowledge hased economy. This economy is heavily driven by innovations and technological competitiveness. Management of Intellectual Property Rights (IPRS) and its strategies would determine positions of any institutions, industries and their chronological changes. Its role in global equilibrium emanating from changing technologies need to be understood by scientists, technologists, managens, governments and industries. The growth of any knowledge based industries is driven by the creativity and knowledge of their people, effective IP management, which provide incentives for innovation and create structures for sharing the results, are key to unlocking this human potential. IP denotes the specific legal rights which inventors and other IP holders may hold and exercise. IP includes Patents, Trademarks, Copyrights and Industrial Designs cach differ in its scope, purpose and effects. IPR aims to exclude third parties from exploiting protected subject matter for a certain specified duration of time without explicit authorization from the right holder. IPR owners can use or disclose their creations without fear of loss of control over their usage during the course of dissemination of their creation/invention. IP confers a bundle of exclusive rights in relation to the particular form or manner in which ideas/information are expressed/manifested in the following and related items. Technological innovation is a continuing process associated with the evolution of life. With the increasing demands of the population, the process of innovation needs to be accelerated and widened. India faces unique challenges in the field of education, infrastructure, security, environment, water, energy, food chain and many more and hence needs an innovation ecosystem made up of public and private institutions, technology developers, universities, industries, government agencies and non- governmental organizations, to harmess the available knowledge and resources in an optimum manner for the benefit of the people. Invention stimulates entrepreneurship and technological innovations bring invention into wide spread usage through creative thinking, investment & marketing. Technological innovation has always played a key role in socio-economic development as it accelerates industrial development, enhances productivity of the enterprises, creates market for skilled manpower and helps industries to compete in the international markets. The emerging frontier technologies are driving globalization, increasing competition and compelling organizations to incorporate and adopt new developments into their manufacturing and services applications. Those who are able to create new ideas, develop new technologies and harness the capabilities generated by thosetechnologies are setting the standards and leading the way for the rest of the world. There is a nced to enhance our understanding of the incentives and barriers in for effective technology utilization, flexibility, transfer and diffusion of innovation associated with the current and expected global issues of technology management and transfer. The paper would be emphasizing the need for universities and R&D organizations to address design and develop intellectual property policies in their innovation or knowledge management.
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