IP assets have economic value because they can increase the valuation of the company by having the financial return on innovations, products, and services. Business leaders and policymakers consider IP not only a legal right but also an economic benefit that its owner receives by commercializing IP. That’s why Intellectual Property Asset Management is very important. Intellectual property rights (IPRs) can help the process of turning intellectual assets into valuable assets. Managing intellectual property has become essential for surviving market competition. For businesses to convert their innovation potential and creativity into market value with competitiveness, they must acquire and manage intellectual property rights (IPRs). This is especially true for start-ups and small and medium-sized enterprises (SMEs) that heavily rely on utilising intellectual capital in their business models.