Development of SMART-business corporatization and management of its intellectual property in the knowledge economy

The article is devoted to the study of transformational processes in the modern economy, driven by scientific achievements and innovations, which have led to the formation of the “knowledge society” and, consequently, the “knowledge economy.” Based on the analysis of works by global and Ukrainian scholars, key aspects of the transition are examined, where knowledge becomes the main resource and factor of competitiveness. The main objective of this work is the theoretical substantiation of the necessity and importance of effective intellectual property (IP) management for business entities in the new economic realities. By performing a critical analysis of various definitions of the “knowledge economy,” it is emphasized that it differs from the concepts of the “information” and “post-industrial” societies, although it is their logical continuation. The conducted analysis establishes that the key element expressing the essence of the “knowledge economy” at the micro-level is intellectual property as an intangible asset that creates added value. In view of this, attention is focused on the fact that scientific research, embodied in intellectual property, becomes the main source of economic growth. Investigating the management component of intellectual property, and considering it as a multifaceted process that includes legal protection, commercialization, and defense, three main functional approaches to IP management within an enterprise are identified: IP creation, purchase of IP rights, or a mixed form. It is concluded that an effective intellectual property management system (including patenting or classifying developments as a trade secret) is critical for innovative activity and directly influences the profitability of an economic entity in the conditions of the “knowledge economy.”