**8. Conclusion**

Patents are technology related intangible assets that drive the innovation of the technology sector. IP is a part of Innovation and patents drive such innovation. Patent terminology should be well understood by the inventors and the applicants. The Patents laws are well established in almost all jurisdictions and the corporate sector should be aware of the law to reap maximum benefits. Even, the educational institutions should be thorough with the patent system since it is the source of research. The educational institutions with standard IP policy and structure patent portfolio can involve with technology transfer agreements with corporates to reap maximum benefits for their research and even, corporates with no research department can get into such partnerships with the educational institutions to bring the invention into market to meet the public requirements.
