Commercialization of intellectual property: innovative impact on global competitiveness of national economies

Abstract

This paper investigates the role of intellectual property in the modern post-industrial economy and its intensive commercialization of the country's competitive advantages in the global economic environment. The main purpose of the research is to prove the hypothesis about the crucial role of intellectual property development in ensuring expanded public reproduction and facilitating the global competitiveness of national economies through innovative modernization of production. To gain the research aim, the authors used a combination of theoretical synthesis and comprehensive statistical analysis. The study follows a deductive approach and theoretical background analysis followed by quantitative research of statistical data. It allowed arriving essential conclusions concerning the role of intellectual property in strengthening the global competitiveness of the national economy and practical policy implications regarding stimulating intellectual property commercialization within the national economy. Paper investigates transmission mechanisms that represent the impact of intensive commercialization of intellectual property on public reproduction and competitiveness of the national economy. Commercialization of intellectual property, defined as a range of activities envisaged for rapid implementation of intellectual activity, resulted in economic turnover to obtain strategic competitive advantages and generate economic profit supported by the transformation of intellectual property into intellectual capital used for the manufacturing of innovative, highly marginal products. Comprehensive statistical data analysis was conducted using quantitative methods (cluster analysis and principal components analysis). The findings proved the key role of intellectual property in the modern system of public reproduction. They demonstrated the multiplicative impact of intellectual property development on a country's competitive global economic environment. Obtained research results provided the basis for policy implications concerning the development of commercialization of intellectual property and stimulation of expanded reproduction of intellectual capital in Ukraine as a precondition of innovative modernization of national industries and acquiring strategic competitive advantages in a globalized market.