In the knowledge economy of today, the patent strategy of an innovative enterprise should be a key factor in its business strategy. This paper from World Intellectual Property Organization explains in a simple and practical way the business benefits of the patent system for all types of enterprises. While readers are advised to consult a patent expert when seeking to protect, exploit or enforce a patent, the guide provides practical information intended to help readers to understand the basics and to be able to ask the right questions while consulting an expert on patent matters.
The ""Knowledge economy"" has brought about structural changes to the economies of OECD countries making it indispensable for companies and policy-makers to address new challenges. One of the most crucial challenges faced by firms is how to manage their existing and new knowledge effectively in order to benefit fully from the innovative and creative capacity of the firm. Intellectual property rights have emerged as useful tools for managing innovation and resolving some of the ""Market failures"" affecting innovating firms.