Abstract

As countries endeavor to migrate from resource-based to knowledge-based economies, innovation and intellectual property rights (IPRs) have become indispensable and are now regarded as the currency of the knowledge economy. In developing countries, they are key drivers and enablers for technological growth and sustainable economic development. Balancing the rights of the innovators and consumers so that innovators could recoup financial rewards from their investment has not been fully exploited. This paper investigates the role of innovation and IPRs in the informal sectors and their impact on the development of economies. Methodologically, the critical literature analysis was adopted in this paper. The study reveals that IPRs, innovation and creativity can drive sustainable development. Future research could focus on how the different innovation types, approaches, and models could be inculcated as practical sessions in the students’ curriculum to develop student-led SMEs.