Q. What is there for to rejoice if you have the intellectual property on something? Would it be a great instrument to the economic growth of the country? Or you are just the sole beneficiary of the fruits you have reaped from what you have sowed? Explain.

Let me start by defining two important keywords: Intellectual Propery and Innovation. Intellectual property or IP refers to the creations of the mind. Innovation means developing a new idea and putting it into practice.

Intellectual property plays an important role in innovation and innovation promotes economic growth of our country. Protecting our intellectual property rights can be sold or licensed and provide personal and national revenue.