Intellectual property is the property in intangible assets such as patent rights, designs, copyrights, and trademarks. The patentable invention of new products or process which can be applied industrially needs not to be totally new product but a significant improvement on the existing products. Exclusive patent rights are given to the owner for a given period of time to exploit the products commercially. Property intellectual rights are divided into industrial rights which include rights for inventions, trademarks, designs, and geographical indicators. Copyrights are rights of protection which covers literacy works. Intellectual rights allow creators and owners of patent rights benefit from their own investment on creation.
Intellectual property characterized as property in ideas or expression, for example, a technological innovation protects rights of individual and businesses transformed ideas into property trade secrets like patent rely on private measures rather than state actions (Gupta & Rastogi, 2002). An intellectual property right is important to point out ownership of an idea, or ideal objects and effectively gives the physical embodiment of the work or invention. One problem of creation-based approach is that it protects only certain types of creation unless every single useful idea comes up with it’ s subject to ownership but the distinction between protectable and unprotectable inventions that we should claim everything is protectable by intellectual property rights (Kinsella 2001). Developing countries intellectual property rights provide enormous opportunities and challenges like the creation of ownership of knowledge products are of increasing importance because of the centrality of information and knowledge to post-industrial economies.
Globalization is multidimensional and can better be understood as an economy whose core activities work as a unit in real time scale.
Multinationals corporations in the manufacturing sector and finance networks with small and medium business and apply the highest form of science and technology is concentrated in research and this leads to numerous innovations around the globe (Castells 1999).
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