Patent protection is usually sought at the research and development (R&D) stage of the technology life cycle. A patent may be a powerful business tool allowing innovators to gain exclusivity over a new product or process, develop a strong market position and earn additional revenue through licensing. By granting such rights, patents provide incentives for innovators, offering them recognition for their creativity and enabling them to appropriate the returns of their investment. World Intellectual Property Indicators (PDF) show that the total number of patent filings worldwide in 2011 exceeded 2 million for the first time, with a growth rate of 7.8% over 2010.Ī patent is the right granted to a patent holder by a state, or by a regional office acting for several states, which allows the patent holder to exclude others from commercially exploiting their invention for a limited period without authorisation. Global patenting activity is on the rise. Patents can play a prominent role in the entire technology life cycle, from initial RD&D to market introduction (demonstration to diffusion), and allow competitive technologies to be protected and licensed to third parties to expand financial opportunities (Figure 1).

Industrial property takes a range of forms and includes patents to protect inventions, trademarks, industrial designs and commercial names. In general, copyright is a legal term describing rights given to creators over their literary and artistic creations, while the term ‘industrial property rights’ refers to certain exclusive rights regarding innovative ideas or distinguishing signs in the industrial or commercial field. Traditionally, IPR is divided into two forms: industrial property rights and copyright. IPR grants inventors certain exclusive rights over their creations it aims to encourage creative activity for the benefit of society by affording inventors an opportunity to derive fair returns from their investments. IPR refers broadly to the ownership of intellectual findings in the industrial, scientific, literary and artistic fields. One group of such instruments relates to IPR. Different processes occur at each stage of the life cycle, providing various opportunities to employ instruments that promote innovation. The life cycle of technologies can be divided into stages – from invention, through research, development and dissemination (RD&D) and market development, to commercial diffusion. A widely deployed model to understand technology builds on the concept of the technology life cycle.

Innovation is crucial to the development and deployment of technologies.

How can innovation affect ways of life