Intellectual Property (IP) forms a central role within the knowledge economy and it is important that businesses develop a thorough understanding of IP in order to ensure that they maximise their productivity and competitiveness on the global market. The value of IP within the modern economy has been confirmed by theoretical economic justifications and empirical evidence. IP is increasingly being viewed as a bridge between the intellectual and economic spheres of our society and a key element of the commercialisation process. Although Europe is renowned globally for its excellence in research, it is still relatively weak in exploiting research results and in transforming them into innovative, commercial products and services that can boost competitiveness. This is partly because Universities, public research centres and SMEs do not always fully understand the IP process and are unaware of how to ensure that their knowledge and research findings are effectively protected. Managing intellectual property assets of a company is a value-creating activity. Used in the correct way it creates revenue for the company, adds value to a product on the market, and increases global market share or market exclusivity. Effective management can also lead to a strengthened position vis-a-vis competitors and give a superior position in license negotiations. Failing to manage IP only adds additional expense, which can be extensive. IPR tool supports intellectual property rights as a collective term includes the following independent IP rights which can be collectively used for protecting different aspects of an inventive work for multiple protection: 
Registered ( industrial), design
Protection of IC layout design,
 Geographical indications, and 
Protection of undisclosed information. The tool is targeted towards small and middle size organizations that otherwise could not afford expensive legal fees for IPR management. The tool guides the users to select the type of fees, make a cost benefit analysis for IP management, clarify all regulation and procedures for applying for IPR, clarify protection limitations and facilitate the application process. The tool also keeps records for maintain and updating the IP. The purpose of IPR tool is to provide individuals, businesses, research institutes, and other interested parties with relevant information and on-line support for good good IP management and raise awareness of IP issues amongst professionals working in Industrial Liaison Offices (ILO), Technology Transfer Offices (TTO), Scientific and Technological Parks, and academic and industrial research centres or SMEs

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