Intellectual property role for the local production systems efficient functioning in times of crisis

Abstract

The topic is determined by the global reorientation of the economy into a knowledge economy, traditional resources such as labor and capital are supplemented with the resource of knowledge as a key factor to the economic prosperity. Intellectual property is increasingly becoming a crucial factor for the development of new production and expansion of market positions. Reorientation of the national economy to new economic resources that can help to reduce the “speed” of entering into crisis and eventually help it exit it, requires the implementation of new models of business behavior for the SMEs, the big business companies and other participants in the clusters and the local production systems (LPS). Thus the IP specifies the economic aspects of creativity as a resource it may be industrialized and turned into a product that satisfies social and cultural needs. By the industrialization of creativity, the IP economic characteristics contribute to the development of entrepreneurship, by promoting innovation and increasing productivity, which leads to economic growth. This article observes the IP as a factor for economic growth and as an economic resource and the upcoming economic benefits from its use for the business. The appropriate business models to cope with the economic crisis for enterprises using IP as resource.