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external resources to reduce time and cost of internal established that the intellectual labor associated with
innovation and its commercialization, also can take full the innovation should be considered one of the most
advantage of enterprise technologies, patents and other important factors that effects the success of the business
redundant resources to broaden the sources of incomes. It organization.
can make innovate more attractive to combine make profits From a comprehensive sustainable development
and cut expenditures. Secondly, it enables enterprises perspective, IP may identify with various parts of a
more flexible and adaptable, thus responding to the country’s social and economic turn of events. Its effect
changing competitive situations. Through integration can be felt in health, education, industrial, biodiversity,
of external resources and share of internal resources, technological progress, innovation, trade and
companies can test a variety of new business models social policies.
more effectively and reduce the cost and risk of the test. Intellectual Property Rights
Sustainable business model Intellectual property is the product of human
Over the last ten years, there have been may researchers intelligence, secured by law from unauthorized utilization
putting interest on exploring the nature of business model and exploitation by others. The laws administering the
for sustainability. They take different theoretical starting same are called the Intellectual Property Rights (IPR).
points mainly revolve around the main points, such as (1) IPR have been defined as ideas, inventions, and creative
SBMs to offer a sustainable value proposition and maintain expressions based on which there is a public willingness
or regenerate natural, social, and economic capital to bestow the status of property. It refers to the legal rights
(Hansen and Freund, 2016; Bocken et al., 2014); (2) SBMs given to the inventor or creator to protect his invention or
to create positive value for all stakeholders (Ehrenfeld and creation for a certain period of time. IPR encompasses
Hoffman, 2013; Jones, 2016); (3) SBMs for technological, several facts as an endeavour to protect every sort of
organizational, and social innovation (Chesbrough and outcome the inherent faculty of mind can develop, from
Rosenbloom, 2002); (4) SBMs to create business cases an art to an invention with the aid of copyright or a patent
for sustainability (Schaltegger, 2006; Wagner, 2011); (5) respectively.
SBMs to overcome the public/private benefit discrepancy There are many types of IPP. A patent is a recognition
(Osterwalder, 2004; Amit and Zott, 2010); (6) SBMs to for an invention that satisfies the criteria of global
create extended customer value (Meynhardt, 2009). innovation, and industrial application. IPR is essential
All the above perspectives could merge to the key for better identification, planning, commercialization,
conceptualization and definition. They defined SBMs as rendering, and thus the preservation of inventions
models that draw on economic, environmental, and social or creativity. Each industry should evolve its own
aspects of sustainability in defining an organization’s IPR policies, management style, strategies, and so on
purpose; use a triple bottom line (people, profit, planet) depending on its area of specialty. In fact, the IPR can
approach in measuring performance; consider the play both negative and positive growth in economic
needs of all stakeholders rather than giving priority to development. There have been many researchers put
shareholder expectation; treat “nature” as a stakeholder effort to explaining the relationship between IPR and
and promote environmental stewardship; and encompass the enterprise survival in particular and the economy
a system as well as a firm-level perspective. as a whole.
There are four main elements of SBMs mentioned There is a relatively large consensus among scholars
in most of the research studies: (1) Value creation that secure property rights are an important prerequisite
(key stakeholders, key activities, key resources and for stable economic growth and development (Bogers et
capabilities); (2) Value proposition (people, planet, profit); al., 2012; Carlsson, 2008; Henry and Iwaisako, 2010; Park,
(3) Value delivery (customer relationships, customer 2008; Beth and Ghatak, 2009; Sattar and Mahmood, 2011;
segments, channels) and (4) Value capture (cost structure, Wells et al, 2018). Some of the most important conclusions
revenue streams). among that researches are: (1) Stable property rights can

Intellectual property, intellectual property rights promote inflows of foreign direct investment and increase
and intellectual property strategy portfolio investment; (2) Secure property rights reduce
time spent on protecting property and allow household
Intellectual Property members to spend it on their activities; (3) the relationship
Intellectual Property (IP) is that property that is between IPR and economic growth is quite complex and
developed by the human mind and by human intellect. not necessarily positive, and these associations may differ
Nowadays, intellectual property and rights attached to dependent upon the individual’s labour market status
intellectual property are becoming very precious and and the degree of the development of each country.
valuable. In other words, intellectual property deals with Intellectual Property (IP) Strategy
the rights that are given to an individual with respect to The World Intellectual Property Organization (WIPO)
his inventions or creativity of intelligence. IP play a vital defines IP as “creations of the mind, such as inventions,
role in the modern economy. It has also been conclusively literary and artistic works; designs; and symbols, names

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