Protection of Innovation: IPR provides legal protection against unauthorized use or duplication of an entrepreneur’s innovations. Competitive Advantage: Owning IP can provide a competitive edge in the market, making it harder for competitors to copy or use the same innovations. Monetization: Entrepreneurs can monetize their IP through licensing agreements or selling their IP rights. Attracting Investment: Investors are more likely to invest in businesses with strong IP portfolios as it indicates a higher potential for profitability and growth.