The Role of Universities in the Knowledge based Society

As a concept, knowledge covers vast ground and has multiple meanings. In the present day, it is frequently encountered through the term ‘knowledge economy,’ which is usually used to refer to the importance of knowledge as a contemporary commodity. Public awareness of the importance of intellectual property in the information age is essential to the successful implementation and growth of the knowledge economy. Most people do not have a very clear idea about the role of intellectual property in encouraging creativity and the importance to our economic well-being. While it is necessary to increase public awareness in this area, it will not be easy. Intellectual property is typically perceived as being incomprehensible because just a little part of the people has education in this field. IP education means the skills and competences that young people can be expected to acquire in the classroom that enable them to become familiar with intellectual property, understand its potential to generate income and economic growth and lead them to respect IP rights. This paper will present the role that universities play in the development of the knowledge based economy and the need to have more educational programs in this field.