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Teaching Youth Entrepreneurial Skills
Introduction to YEIP
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"IP" Intellectual Property

Intellectual Property – Changing the way the world does business! For previous generations manufacturing was the driving force in economic success, that all changed. Today in America and the world the driving force behind economic success is directly tied to the development of IP or intellectual property. Creating economic value from things developed is crucial in these times. Previously, the main sources of competitive advantage were the availability of natural resources and a skilled labor market. While these factors remain important, intellectual property must now be included as a critical driver of business profitability. For firms, intellectual property contributes to distinct products. For the economy as a whole, intellectual property fosters innovation and risk-seeking behavior, and entrepreneurs and investors must choose wisely. One of the inherent advantages of intellectual property businesses is the low initial startup capital required. Of course, once a certain level is reached significant traditional financial investment is required. For many companies, it is also a factor that leads to significant challenges of strategy, finance, and business organizations. "The global economy has shifted from the manufacturing-based economy of the last century to the knowledge-based, innovation-driven economy of the 21st century. Whereas access to raw materials and factory output helped define success in this last era, access to ideas and the ability to create tangible business value from them will define success in the knowledge economy. Smart money believes this is a long-term, irreversible trend.”

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