Patent is a well know term but, there is still uncertainty existing about the Patent system. Patents is a form of intellectual property (IP) that represent an invention, or it can be considered as one of the intangible assets which grants an exclusive right for exploitation of an invention for a limited period of time. There are few misconceptions existing around the patent terminology which is leading to a number of ineffective patents and more precisely, the importance of patents is less

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... even in academic and industry sectors. Patents are key to innovation which can lead in strategic management of economy. Big corporates are major players in the market who are reaping maximum benefits of the patent's portfolio whereas, small scale entities even though they are striving to drive towards innovation, they are failing to protect their intellectual property in form of patents. Even if they are succeeding in protecting such ideas in form of inventions, still they are unable to benefit to maximum, due to lack of proper management of their IP portfolio.