Intellectual property rights (IPR) play a key role in economic development. IPR industries account for 38-39% of the US GDP. Obtaining a patent lowers the chances of a business exiting the market within 5 years by 13-14%. Employees in IPR industries earn 40-45% more than other industries. The global IPR market is estimated to reach $5 billion by 2030, growing 12-13% annually. Protecting intellectual property through patents, trademarks, and copyrights provides businesses several advantages including turning ideas into profitable assets, enhancing export opportunities, blocking competitive products, increasing business value, and generating licensing revenue.