Intellectual property as an element of the innovation process in industry

Intellectual property is treated in the historical context shaped by industrial revolutions. It is shown that the element of exclusive right in the industrial innovation system allows facilitating the creation and implementation of new technology and scientific developments, along with stirring up the necessary general economic interest in investment. State support for innovation can be implemented through the introduction of new intellectual property to regulate and ensure robust competition in the supply of advanced goods and services. The problems of balancing permissive and prohibitive measures for lawmaking are highlighted. In today's digital engineering environment, the development of virtual testing is relevant to industry, and intellectual property tools can be used to help accelerate progress in this area.