Intellectual property protection is a challenge in many emerging economies. The legal framework and enforcement mechanisms are often weak or non-existent, and in some cases, there is not a cultural compatibility with the concept of intellectual property protection. Yet many theorists cite this as an essential foundation to innovation and entrepreneurship. Write a paper that explores the relationship between intellectual property protection and successful innovation and entrepreneurship. Start by addressing the issue of whether or not intellectual property protection is an essential element for encouraging innovation and entrepreneurship. Next discuss the challenges to intellectual property protection that exist in emerging economies and what some countries have done to successfully overcome these barriers. Finally, discuss the necessity of overcoming these barriers in emerging economies and how they can do so, based on what has been successful to date and what challenges still remain. Your paper should be five to seven pages.
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