The role of Intellectual property for SMEs, Innovation and Economic Growth in India

Intellectual property (IP) and its value frequently not effectively valued. In the progressively knowledge-driven economy, IP is a key thought in day-to-day business choices. New products, brands and original designs seem almost daily on the market and are the result of unceasing human innovation and creativity.

The role of Industrial property in helping the growth of entrepreneurship is huge. The issues of SMEs to national economic growth, particularly in developing economies in India. One of the vital roles of entrepreneurship is hurrying the growth of SMEs. Though, the entrepreneur is noticeable because of the development of Intellectual property and its defense. It is the hope and ambition of every developing nation to attain accelerated economic development. This can only be attained through violent participation of the private sector and this role is allocated to the entrepreneur. Therefore, this paper will look into the importance of IP for Small Medium Enterprises (SMEs). This paper further establishes how IP can become an economic tool and the challenges faced by SMEs in implementing IP system.