INTELLECTUAL PROPERTY

RIGHTS
ASSIGNMENT – 2

ROLE OF CREATIVITY
IN
KNOWLEDGE ECONOMY.

GUIDED BY: Mr. ARAVENDAN

SUBMITTED BY: K.S.DIVYA PRIYA
BFT/17/452

1
CONTENTS

TOPIC PAGE NUMBER

1. INTRODUCTION 3
2. OBJECTIVE 3
3. METHODOLOGY 3
4. IMPLEMENTATION 3
5. STUDY OUTCOME 5
6. CONCLUSION 6
7. BIBLIOGRAPHY 7

2
 ROLE OF CREATIVITY IN KNOWLEDGE ECONOMY

INTRODUCTION

The knowledge economy is the use of knowledge to generate tangible and

intangible values. The generated value has to be economically productive. But,
today’s world is a competitive world and something to be economically
productive in this world; it has to be a different one from other similar intellectual
properties. In other words, it has to be creative. So, that it outstands other values
in this competitive world.

OBJECTIVE

To study the role of creativity in the knowledge economy.

METHODOLOGY

Knowledge economy without creativity can be an ideal economy if there is

no crisis or competition in this world. But since we live in such a world where
everybody has knowledge about everything through various medium and can do
the required job, I think creativity plays a very crucial and a important factor in
the knowledge economy and this proceeds further taking creativity as a important
factor in knowledge economy.

IMPLEMENTATION

Creativity is a fundamental source of economic growth and the decisive

source of competitive advantage. Competitive advantage is the need of the hour
to survive better in this world. Without creativity our economy would have been
in a stagnant state.

A person with the knowledge about a particular thing and with the basic idea of
how to implement can succeed only if he is the first person to state such thing. It
is his way of being creative by finding that for the first time. But when another
person coming after him stating the same idea can only succeed when he as

3
added some new element or a creative element to it even though if he was not
aware of the earlier one and it is his own idea.

Even if we take the real time examples, there are many examples which prove
that creativity gives a competitive edge to an idea.

One of the examples is KFC – Kentucky fried chicken.

We all know KFC is one of the famous fast food restaurant chains that specialize
in fried chicken. We all know that it is only famous for its chicken recipes. Anyone
can make fried chicken but the way KFC makes is different and there lies its trade
secret. This attracts customers and makes it a successful one. Even many other
brands make chicken popcorn but the one in KFC is unique and sought after by
many foodies. No one might have thought before the establishment of KFC, that
just chicken as the only main element and nothing other would bring such
turnover for the owners. So, I think it is their creative way of choosing only a
particular thing and trying out different recipes which no one has thought brought
them fame.

4
Another example would be Apple products

Again Apple is a very famous brand which is sought after after by people only
because of it design’s uniqueness. Simply seeing the Apple logo has proven to
spark individuals’ creativity. It’s that creativity which helped Apple to be a top
brand. If you are looking at an Iphone versus some other brand, you may think
they are very similar and has same features. But when you start digging, there’s
more creativity in Iphone which other brand lacks. And I think that’s the reason
why Iphone is way too much costlier than any other brand.

These examples do indicate that creativity plays an important role in the

knowledge economy.

LEARNING OUTCOME

It can be understood from the above content that creativity is important when it
comes to be in a competitive world. In a knowledge economy, without creativity
you’ll be considered just as a normal person even though u has good knowledge.
Your growth lies in how you manipulate the existing knowledge in a creative way.

5
CONCLUSION

Creativity is an essential thing since it is the differentiator and this

differentiator is the key element which makes one outshine others in this
competitive world.

6
BIBLIOGRAPHY

https://en.wikipedia.org/wiki/Knowledge_economy

https://researchonline.jcu.edu.au/23230/1/23230_Peters_et_al_2009_F
ront_pages.pdf

https://www.northeastern.edu/graduate/blog/creativity-importance-
in-business/

https://en.wikipedia.org/wiki/KFC