Interpretation of Financial Aspects of Intellectual Property Commercialization as an Innovative Product

Abstract

Establishing a mechanism for commercialization of the results of scientific and technical activities created at the expense of budgetary funds or funds of individuals and legal entities, ensuring its functioning and attracting intellectual property to the economic turnover can ensure a significant increase in additional revenues to the budget and facilitate the expansion of innovative processes in the country. Intellectual property contains the notion of exclusive right to the results of creative work; accordingly, labor, as appropriate human activity, must end with remuneration, including financial ones. It is proposed to distinguish the specifics of the financial aspects of intellectual property from a number of differential characteristics of the subject of study in two directions, depending on the understanding of the product movement: the aspect of financial security, which heads the specificity of forms, approaches, sources of funding for research (as one of the conditions for the creation of intellectual property) the commercialization of intellectual property as an effective indicator of understanding the meaning of creating an innovative product. The dynamics of gross domestic expenditure on research, as a share of gross domestic product, in the countries that are members of the Organization for Economic Cooperation and Development (OECD) and separately in 28 countries of the European Union have been analyzed. A typology of existing forms of intellectual property commercialization as a range of innovative product realization opportunities for economic benefit has been developed. The process of intellectual property commercialization is modeled, in the form of a generalized visualization of its movement to an innovative product, which involves four successive steps (the path to the market), choosing one of the forms of commercialization typology that provides the maximum possible variability for choosing the optimal strategy.