2. Innovation and Intellectual Property Rights

Innovation refers to creating new ideas, products, or methods that improve on existing ones. Intellectual Property Rights (IPR) protect these innovations by giving creators legal rights to their inventions, designs, or brands. This means that inventors can control how their ideas are used and benefit financially from them. By safeguarding their work, IPR encourages further innovation, as individuals and companies are more likely to invest time and resources into new developments if they know their creations are protected from unauthorized use. In essence, IPR fosters creativity and economic growth by ensuring fair rewards for innovators.