The Financial Times released a special report that looks at which inventions and innovations have helped create and shape todayÂs business environment.Â The report considers questions of what makes a great business idea, how can we tell whether it will stand the test of time and why some new ideas have greater influence than others in shaping the environment that businesses operate in today. A distinguished panel of judges have evaluated these questions and other considerations and comprised a list of the 50 ideas which have most shaped business today.
Included in that list is a thorough analysis of the importance of intellectual property. In the report, researchers make claims that that the current economy is one that is knowledge-based. As such, small companies that have invested in research and development and want to protect their assets have turned to copyright, design, trade mark and patent as the most cost-effective method of doing so.
As countries move from being manufacturing based to knowledge-based economies, they become more interested in protecting their inventions.Â In 2011, a record number of international patent applications were filed, demonstrating that fast-growing economies are beginning to appreciate the importance of legal protection for intellectual property. China introduced its first patent law only in the mid-1980s, but recently overtook Japan in terms of the number of patents filed.
While the growing number of intellectual property disputes has been seen by some as detriment to innovation, it is nonetheless an aspect of business companies cannot over look in the current business environment.Â