By DR. ILAN COHN, HOLO ZHENG
The Jerusalem Post - 11/22/2016
Success of a business, in the face of competition, depends on maintaining a competitive edge that may be embodied in superior quality products or services, price advantage, and others. Maintaining a competitive edge is also the driver for success of entire economies. While in years past, a competitive edge was gained through control of and access to food production, supply of raw material, ready availability of shipping solutions, access to and control of energy sources or of capital; in the modern, knowledge-based economy it is intellectual property, which is embodied, among others, in technology and know-how, and which is a product of human intellectual activity and creativity, that provides the key competitive advantage. And indeed, intellectual property, which accounts for about 80% of the value of publicly-traded companies, is the biggest wealth generator of all times. Israel is a classical case study for the importance of these factors for economic development.