ABSTRACT
Most people generally understand the importance of institutions and infrastructure as a foundation for economic growth. Not all innovations are created equal and different types of innovation impact organizations and economies in varying ways. Sustaining innovations are improvements on existing products and often target customers that seek better performance from a product or service. Efficiency innovations enable firms to enhance efficiency by using fewer resources. Market-creating innovations aim at new markets by either making new products or services or improving existing products or services to make it affordable and accessible to new consumers. Intellectual property rights (IPRs) are associated with patents, trademarks, copyrights, trade secrets, and other protective devices granted by the state to facilitate industrial innovation and artistic creation. Intellectual property rights are exclusive rights given to persons over the use of their creation for a given period of time.
