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Discuss the advantage of acquiring and maintaining intellectual property rights teqnology enterpreureship.

Discuss the advantage of acquiring and maintaining intellectual property rights teqnology enterpreureship.

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Answer) Intellectual property rights ( IPR) are used to safeguard the research and innovation made by a company while developing new products. IPR assures that the developing company is using/selling the products exclusively. Of anyone else is found manufacturing the same product, then they are open to fine and punishment under civil offense.

The advantages of acquiring IPR by an technology entrepreneurs are:

  1. Incentives Innovation of new products.
  2. Safeguard the research as it takes many years to develop a product. For instance, it takes about four years to create a vaccine.
  3. IPR provides a short duration window where the firms can charge high price to recover the IPR related cost.
  4. IPR incentives firms to compete in terms of establishing new technology. This ultimately benefits the consumer.
  5. IPR results in the economy of scale. That further helps to reduce the cost over a wide rane of output .

Rahul Sunny answered 1 year ago
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