What is IPR?
Intellectual property is the product of the human intellect including creativity concepts, inventions, industrial models, trademarks, songs, literature, symbols, names, brands,….etc. Intellectual Property Rights do not differ from other property rights. They allow their owner to completely benefit from his/her product which was initially an idea that developed and crystallized. They also entitle him/her to prevent others from using, dealing or tampering with his/her product without prior permission from him/her. He/she can in fact legally sue them and force them to stop and compensate for any damages.
There are many forms of intellectual property, each protecting a different type of intangible property for a specific term and under the grant of a different protection.
• Patents (new and nonobvious device/method)
• Trademarks (source identifiers, brands)
• Copyrights (expression of an idea)
• Trade Secrets (technical/business secrets)
Each country has their own IP laws. IP is only enforceable in the country where it was obtained.

Innovation
An ‘Innovation’ is developing a new idea and putting it into practice. As this article is focused on the competitive strategy of a private enterprise in a market-driven business environment, the term ‘innovation’ is used here to refer to the process of bringing valuable new products (goods and services) to market i.e., from the idea/concept formulation stage to the successful launching of a new or improved product in the marketplace2, or the result of that process, so as to meet the explicit or implied needs of current or potential customers. In other words, through innovation an enterprise seeks to deliver unique new value to its customers. In this context, ‘marketing’ is the understanding of that unique new value and communicating it to the current and potential customers of a business so that the product sells itself.
Technological innovation may be classified in several ways: product vs. process, radical vs. incremental and disruptive vs. sustaining Other important types of innovations that do not result from scientific and/or technological R&D, but are often crucial for profitably marketing the products and services resulting from the investment made in R&D are: marketing innovation, institutional innovation, and complementary innovation.

Importance of IPR in Invention
Managing innovation better than its competitors is one of the main objectives of a business that wishes to survive and thrive in today’s economy. An IP right is thus a legal right, which is based on the relevant national law encompassing that particular type of intellectual property right. Such a legal right comes into existence only when the requirements of the relevant IP law are met and, if required, it is granted or registered after following the prescribed procedure under that law. In practically all countries the world over, a national legal system of intellectual property rights have evolved; this has been created over varying periods of time during the last 150 years or so. It has enabled the grant of property-like rights over such new knowledge and creative expression of mankind, which has made it possible to harness the commercial value of the outputs of human inventiveness and creativity. This is usually done by its orderly use, exchange or sharing it amongst various types of business partners in a complex network of strategic relationships that generally work harmoniously during the new product development process for creating and marketing new and improved goods and services in domestic and export markets.

The grant of a property right by the government, albeit generally for a limited period of time, over useful intangible intellectual output provides the owner of such legal property rights the right to exclude all others from commercially benefiting from it. In other words, the legal rights prohibit all others from using the underlying IP asset for commercial purposes without the prior consent of the IP right holder. The different types of IP rights include trade secrets, utility models, patents, trademarks, geographical indications, industrial designs, layout designs of integrated circuits, copyright and related rights, and new varieties of plants.
While innovations are concerned with the commercialization of new ideas; in contrast, an ‘invention’ may not be directly associated with commercialization.6 As such, innovation may be seen as a process of interaction and feedback during the various stages of the new product development process. An invention is considered as the generation of a new idea or knowledge, which aims to solve a specific technical problem. Inventions could relate to products or processes and are characteristically protected by trade secrets, utility models/petty patents or patents. Utility models/petty patents or patents are granted/registered under the relevant national/regional law by the relevant national or regional patent office.

An innovative new or improved product that meets customer expectations offers an existing or new business, new market territory without competition for so long as it retains its innovative advantage. The IP system plays a significant role in helping a business to gain and retain its innovation-based advantage. As a consequence, the competitive edge that an entrepreneurial business may gain with a basic or disruptive innovation is likely to be longer lasting than that obtained merely from an improvement innovation, assuming that the technological barriers to competitors taking advantage of similar innovations are approximately equivalent, since a basic innovation establishes a new class of product or service, entry of competition requires that the opportunity provided by that class is recognized by a potential competitor before it attempts to enter the market. In the case of an improvement innovation, not only are competitors for the class of product already in place, but since the improvement innovation typically amounts to a better, faster, or cheaper way to build the product, its advantages are far more quickly understood and replicated.8 Hence the need to use the tools of the IP system for both types of innovations, except that generally there is a need for devising an offensive IP strategy for a basic innovation versus a defensive IP strategy for an improvement innovation.

Role of IP in innovation
As there are many players involved in facilitating the market success of an innovation, the effective use of the tools of IP will play an important role in reducing risk for the players involved, who may then be able to reap acceptable returns for their participation in the process. IP plays an important role in facilitating the process of taking innovative technology to the market place. At the same time, IP plays a major role in enhancing competitiveness of technology-based enterprises, whether such enterprises are commercializing new or improved products or providing service on the basis of a new or improved technology.
For most technology-based enterprises, a successful invention results in a more efficient way of doing things or in a new commercially viable product. The improved profitability of the enterprise is the outcome of added value that underpins a bigger stream of revenue or higher productivity.

What is the important of patent portfolio report for a company?
Patent portfolio provides value to a company in many ways. They can products from others who infringe and help maintain market share. They can serve as defensive tools and provide leverage in negotiations. They can become sources of revenue through license or sale.
It’s important of terms of strategic importance to the company; competitive advantage; market advantage or market share. The idea of thinking about it as a portfolio is important because it changes the way you think about managing it. Instead of just prosecuting or working on a particular patent in a vacuum, you’re working on a parent in the context of an entire portfolio, and how does that particular patent interact with other patents that you have in that portfolio. For example, if I’m looking at a particular product or technology and I’m working on a particular patent, I may look to other patents in the portfolio to see where I’m missing technological coverage. And I may look at competitive products as well, and so I can manage the manner in which I obtain rights to target particular competitors, or to just increase my coverage in a strategic way.

IP strategy adopted by US company
Good IP strategy is critical to realizing the value of your IP portfolio. US uses creative, legal and ethical tactics to discern what their competitors’ IP portfolios are worth, to identify potential licensees, and to identify companies to approach about strategic alliances. Armed with this information, your company can make better decisions about how to leverage its IP assets.
No business executive will underestimate the importance of competitive intelligence. Some executives may not realize, however, that they can avail themselves of 100% legal and ethical tools to learn much about their competitor’s R&D and future products. For most managers, leveraging their IP assets usually means patent licensing. Licensing, however, is not the only way to generate revenues from unused technologies. In fact, in many cases it may be much more advantageous to develop and commercialize such technologies in association with another firm or organization.
A patent portfolio adopted by the US can help a company protect its market share by asserting its patent rights against infringers and can generate revenue through license or sale. For startup companies, a patent portfolio is often important for obtaining funding.
So, having strong patent portfolio or by adopting strong IP strategy and with the help of patent engineers & Patent Attorney US is able to file a large number of patent every year.