Role of intellectual property as key element of innovation activities: legal grounds

Keywords: intellectual property, intellectual property rights, innovation activities,innovation activity companies (entities), open innovations concept, open innovationplatforms The article determinates that, on the background of a digitaleconomics actively development, the open innovations become a key source of digitalbreakthrough. The author states that within such a concept, the entities carryinginnovation activity, keep focus on monetizing both the internal research results aswell as the external ideas. Such approach, enhanced with external partners involvementinto the innovations process, helps the innovative technologies to move remarkablyfaster through the lifecycle. It is also emphasized that the approach enabling externalaccess to the companies’ innovations, need a concept to be set up, with focus onintellectual property rights protection. The author draws attention that the key roleof legal instruments for intellectual property protection, is to minimize the risk forthose companies which contribute to the innovations market development. It is clarifiedthat within such a concept, the innovation activity companies provide their partnersthe right to use the intellectual assets, which may be either already in use bysuch companies or idle to use. Thus, the companies providing legal protection of theintellectual property, have more favourite conditions to come into a strategic partnership.The author highlights that the innovations-industry companies make profitfrom getting access to science-research and related production outputs which areowned by their partners, as well as from further development of their own productsresulting from the intellectual property under the strategic agreement. The articlealso proposes creation of digital platforms which will facilitate the effective partnershipof the business, state organizations and innovation teams within the developmentprocess of innovation products.