Venture capital good for intellectual property necessary for economic and technological progress

An efficient intellectual property market provides the basis for the national economy's scientific and technological progress and sustainable development. Moreover, the formation of the intellectual property market precedes the transformation of intellectual capital into a strategic asset of enterprises. Thus, it becomes a key prerequisite for the implementation of an innovative model of economic development. Adopting intellectual activity results in a commercial turnover. Their further effective application in the real sector of the economy guarantees the competitiveness of both individual economic entities in the domestic market and the national economy on a global scale. The diverse experience of various developed countries convincingly demonstrates that commercialization of intellectual property plays a crucial role in ensuring economic turnover of intellectual assets, accumulation of intellectual capital, innovative modernization of social production, and full realization of national scientific and technological potential under the post-industrial transformation of the global economy.