What is Technology Readiness Level (TRL)

Intellectual property rights (IPR) are critical for developing new inventions and creations, transforming them into social and economic value, and increasing inventors' and creators' competitiveness. The main functions of IPR are preventing competitors from owning, using, selling, and monetizing related inventions and creations, access to markets and networks, and obtaining venture capital. Entrepreneurship contributes significantly to economic growth and is crucial to creating opportunities and improving the performance of new businesses. Its impact varies from economy to economy based on its outputs, a nation's industrial and technological prowess, and its legislative framework for developing entrepreneurs. Technological development is inevitable considering the increasing population, existing infrastructure, services offered to society, limited resources, the expected quality of life, and the city's ecological imprint. Therefore, creative and technological solutions will be essential, especially in building dynamic approaches while creating smart cities for the future.