AN APPRAISAL OF COMMERCIALISATION OF INTELLECTUAL PROPERTY RIGHTS AS A PATHWAY TO SUSTAINABLE ECONOMIC GROWTH AND DEVELOPMENT

Abstract

Intellectual property Rights (“IPRs") are now being widely recognised as valuable, as IPRs continue to make positive and increased financial impact on the performances of companies and businesses. Consequently, the crucial questions arise: how can IPRs be tangibly applied and converted to hard, raw cash or some other kind of recompense? While answering this, other questions arise such as the determination of the value of the asset, as it is intangible, unlike other typical assets like land. It has been long argued that aside from the economic rewards to the owners of the IPRs, IPR commercialisation adds value to social welfare activities, creating long-term research partnerships and generating economic benefits to industries. However, this paper finds that the successful commercialisation of an IPR involves not only innovative ideas but also strategic risk management and valuation, focused on the factors influencing market appeal. Through a doctrinal methodology, this paper provides an overview of the growing field of intellectual property commercialisation, with particular focus on developing economies such as Nigeria. It explores the different types of IPRs, their significance, methods for valuing IPRs, strategies for commercialising them, and the conditions necessary for successful commercialisation. As part of its recommendations, the paper concludes that successful IPR commercialisation, collaboration between policymakers, researchers, and industry stakeholders is necessary to create a legal framework that supports and protects innovative ideas and products.