Intellectual Property: A New Reality

New ages bring about new realities. The knowledge era has brought out a new reality called "Intellectual property". The reason for this and rationale for its prominence is that today much of economic and social value creation is through "idea-based" products and services. We are experiencing a "Commoditization " of manufactured products. Making these commodities more attractive to markets is possible only through adding "intelligent" features. The creation and realization of such intelligent features demands new approaches and new ideas. To encourage people to generate new ideas demands motivation. The generators of ideas when convert their ideas into practical application create "intellectual property". Unless community rewards these creative people for their "Intellectual property" one can not expect a sustained flow of new ideas and applications. "Intellectual property rights" is the means that assures the inventor legal ownership while he discloses his invention for public good.