The research intensive companies have been increasingly emphasizing on the commercialization of their innovations to adopt a central strategy for competitive advantage. During last two decades, many small and medium companies have shifted their focus to technological inventions leading to entrepreneurship and simultaneously they are commercializing their new technologies. A well-balanced and accessible intellectual property system plays an important role in this process. Intellectual property rights serve to protect the often large and high-risk investments in innovative companies, thereby providing major incentives to make such investments.
Patents and intellectual property are important products of any national innovation system. Innovation is a key driver of economic growth and development in the medium and long term for each country. The concept of innovation can be described as the process of introducing new products, services and production processes to the market and, as a consequence, the creation of new profitable enterprises.
A properly created system of protection and protection of intellectual property rights grants exclusive rights to inventors and thus increases their chances of getting the start-up (initial) investments they need to bring new technologies to the market. In other words, intellectual property rights are a key prerequisite for the emergence of intellectual property in the market.
Comparison of European legislation with Ukrainian legal standards shows that Ukraine has embarked on a path that is broadly in line with the general global trends in the evolution of legislation in technology transfer. Additional rules that have been successfully applied in European legislation (but are not yet in Ukrainian) can be further integrated into existing legal acts or incorporated into draft new laws, such as the law on the commercialization (transfer) of technologies.
The problems that Ukraine will have to solve in the field of technology commercialization in the next few years make it necessary to study the experience of developed countries. Copying is not possible, any innovative measures are successful in the national context: economic, social, legal, etc.
Institutional Design for China’s Innovation System: Implications for Intellectual Property Rights