“The future of the nation depends in no small part on the efficiency of the industry, and the efficiency of the industry depends in no small part on the protection of intellectual property.” Judge Richard Posner In today’s rapidly growing economy the factor which plays a key role in the growth is the uniqueness of the business. A distinguished identity is very important for earning goodwill and growth of the business and Intellectual property rights provides this uniqueness to a business. Proactive steps must be taken by the organization to protect the innovative and distinctive aspects of their products or services. Also taking into consideration the main motive of business i.e. earning the profit, Intellectual property rights also has significant value in the revenue stream. The business can earn also from the intellectual property in form of royalties or licensing fees. It is therefore really important for all the business, no matter what is their organizational size to understand the importance of the tool of Intellectual property rights.Today, The Intellectual property rights are protected worldwide through various treaties. The Intellectual property can be categorized into major subheads which are: Trademark, Copyright, Industrial designs, and Patents.IP adds value at every stage of the innovation and commercialization process: Patents protects and motivates inventions and trade secrets, Copyright protection helps increasing literally works by authors and artistic creations, and Trademark and Industrial designs establish business identity through branding strategy and commercial marketing. Thus, all together IP rights prevent competitors from imitating products or services.Litigation processes on the subject of IPR vary from challenging the validity of the registered IPR which can be trademark, copyright, design or patent.It can also affect the interest of the business and innovation process of the business to enforcement of the IPR rights if there is a case of infringement of IPR. A business must maintain a good frequency of due diligence process, record keeping, and documents of registration of IPR’s which helps in leading the litigation process for the organization in form of evidence.New opportunities are opening up for venture capitalists to target their investments in knowledge-based industries. Quantitative valuation of Intellectual assets is a developing field in its very early stages that will influence future trading systems for Intellectual Property. In the upcoming time, Organisations will be required to acquire expertise for the management of intellectual property subjected to the maintenance of strategic IPR portfolio, licensing or transfer of rights in an appropriate manner and best possible value, for the purpose of collaborations or in terms of the tandem with research strategies and institutional business.