Patents can give IT firms a competitive edge: Karnik

National Association of Software and Service Companies (Nasscom) president Kiran Karnik said Indian infotech companies should consider intellectual property asset management as an important part of their business strategies as patents have emerged as a powerful tool for ensuring the growth and commercial success of firms.

Karnik said intellectual property is a critical catalyst in a nation's growth as it enhances foreign direct investment and research and development interest in the domestic sector.

Karnik was speaking at the World Intellectual Property Organisation (WIPO) seminar on patents, organised by the Federation of Indian Chambers of Commerce and Industry (Ficci).

He said intellectual property could help companies gain a competitive edge over others, generate huge financial gains and raise venture capital and valuations of an organisation.